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Why on earth would a cryptocurrency-based store have to comply with the same regulations as a card payment processor? One is just accepting payments, the other
by ryanlol 9y ago
Why on earth would a cryptocurrency-based store have to comply with the same regulations as a card payment processor?
One is just accepting payments, the other is processing them for vast amounts of third parties.
- coldtea 9y ago>Why on earth would a cryptocurrency-based store have to comply with the same regulations as a card payment processor? Because money laundering can happen at any level, and specific regulations apply, you don't need to be a card payment processor processing "payments for vast amounts of third parties". As long as you accept payments, even for a lemonade stand in the corner, you need to comply with these. In fact you probably misunderstood what Stripe demanded on the parent's situation: they didn't demanded the parent's store comply with the same regulations Stripe does as a card payment processor. They demanded they comply with the regulations a store should comply with.
- deleted 9y ago[deleted]