LiberLion on Nostr: Money Transmitter With this explanation you will understand why all blockchain money ...
Money Transmitter
With this explanation you will understand why all blockchain money exchange protocols will be regulated or banned.
A money transmitter is a company or individual that transfers funds for businesses and individuals. The key functions of a money transmitter include:
- Transferring funds: Money transmitters receive money from a sender and deliver it to the intended recipient through various transfer methods like wire transfers, electronic funds transfers, or mobile-based transfers.
- International money remittance: Money transmitters enable individuals living abroad to send money back to their families or businesses in their home countries, supporting immigrants and workers overseas.
- Currency conversion: Some money transmitters provide currency exchange services, allowing users to convert one currency into another, which is beneficial for travelers and those involved in international business.
- Compliance and oversight: Money transmitters are strictly regulated to prevent illicit activities like money laundering and terrorist financing. They must register with relevant authorities, maintain anti-money laundering measures, conduct Know Your Customer procedures, and report suspicious transactions.
- Payment solutions: Money transmitters enable users to pay for goods and services, including online payment processing, bill payments, and facilitating transactions using mobile apps or digital platforms.
- Financial inclusion: Money transmitters offer avenues for the unbanked or underbanked to store and transfer money, pay bills, and receive funds, improving global financial accessibility.
In summary, a money transmitter is a regulated financial service that facilitates the transfer of funds domestically and internationally, while also providing currency conversion, payment processing, and financial inclusion services.
With this explanation you will understand why all blockchain money exchange protocols will be regulated or banned.
A money transmitter is a company or individual that transfers funds for businesses and individuals. The key functions of a money transmitter include:
- Transferring funds: Money transmitters receive money from a sender and deliver it to the intended recipient through various transfer methods like wire transfers, electronic funds transfers, or mobile-based transfers.
- International money remittance: Money transmitters enable individuals living abroad to send money back to their families or businesses in their home countries, supporting immigrants and workers overseas.
- Currency conversion: Some money transmitters provide currency exchange services, allowing users to convert one currency into another, which is beneficial for travelers and those involved in international business.
- Compliance and oversight: Money transmitters are strictly regulated to prevent illicit activities like money laundering and terrorist financing. They must register with relevant authorities, maintain anti-money laundering measures, conduct Know Your Customer procedures, and report suspicious transactions.
- Payment solutions: Money transmitters enable users to pay for goods and services, including online payment processing, bill payments, and facilitating transactions using mobile apps or digital platforms.
- Financial inclusion: Money transmitters offer avenues for the unbanked or underbanked to store and transfer money, pay bills, and receive funds, improving global financial accessibility.
In summary, a money transmitter is a regulated financial service that facilitates the transfer of funds domestically and internationally, while also providing currency conversion, payment processing, and financial inclusion services.