New Money - Understanding Cryptocurrencies

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Cryptocurrencies are an ongoing issue in the payments space - not least of all because of the rapidly evolving regulatory landscape. This poses serious challenges for acquiring banks wanting to on-board cryptocurrency merchants. Apart from local legislation, Mastercard has introduced standards for merchant due diligence that acquirers have to abide by, which include a legal opinion from a reputable law firms as well as evidence of effective KYC controls. Ensuring compliance for crypto merchants is complicated, but there are solutions out there that automate and outsource much of the work - to keep the acquirer's portfolio safe and profitable.

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