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BitCard® And Compliance: What You Need To Know

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BitCard® And Compliance: What You Need To Know

Compliance is often an area of considerable attention for any individual or business engaged in business with any other entity. In the digital assets market and blockchain-related business today, many consider compliance to be of even greater importance than ever before.

As federal and international regulators observe and evaluate the nature and conduct of globally-reaching blockchain and cryptocurrency-aligned digital ecosystems and business operations, it is absolutely vital for businesses to do everything within the realm of their power to adhere to any existing laws, rules and regulations.

What About When The Regulations Are Not Clear?

The issue of compliance being unclear is certainly a real thing. Business surrounding cryptocurrency and the blockchain industry has evolved through an extended period of ambiguity with regard to total regulatory clarity, which has led to what could be classified as exploitation, and also negligence in some cases. This could certainly be one of several potential contributing factors to why regulators are working hard on tightening guidelines which govern conduct and movement in this current season of the crypto market.

Traditionally, when regulatory lines are unclear, the general rule of thumb has been to do due diligence to learn and practice the closest guidelines available for the proposition or business undertaking. Upon doing so, the next step could be to alert any regulatory offices that the business entity may anticipate would have interest in knowledge of the business for oversight or other measures to be taken. Whenever the rules are made clear, typically companies that take such intentional measures are able to produce documented evidence of steps that were taken to ensure compliance prior to setting out.

So what about BitCard®? What about compliance and regulations that govern the business we are engaged in? How exactly does BitCard® maintain compliance with existing rules and regulations?

What Steps Does BitCard® Take To Observe Compliance?

At BitCard® the first order of business was to establish a legal business entity based and founded in the United States. BitCard® is a technology company founded in 2017. Professionally, the BitCard® team has operated in the gift cards industry for over 28 years and has been actively creating blockchain solutions since 2012. The BitCard® is legally registered and licensed to operate throughout the continental US, Europe, Asia, and others included in the 150+ nations where the brand is in legally compliant operation.

What About BitCard® Compliance With Financial Regulations?

BitCard® goes the extra mile to insure all BitCard® Bitcoin Gift Card distributors, business and individual customers with protection of the highest degree. The ways BitCard® accomplishes this is through the FDIC for one.

BitCard® And The Federal Deposit Insurance Corporation (FDIC)

All fiat USD funds held in The BitCard® accounts are completely FDIC-insured, adding the level of financial protection which truly makes a difference to the businesses and distributors we serve across the world. FDIC–insured accounting practices is compliance to the highest degree, as all funds held within FDIC-insured institutions are subject to tests which are designed to ensure all financial regulatory practices are actively observed.

BitCard® And Know Your Customer

In some cases the governments of the world encourage compliance amongst its citizens in line with particular tax-related codes. In order to do so, at times such governmental and tax authorities may request information in order to verify reporting and anything else against what may be provided by individuals or businesses.

While there are mixed feelings about such scenarios, what constitutes a governmental invasion of privacy and what does not, BitCard® elects to remain compliant by requiring any individual registering on the platform to redeem a Bitcoin gift card to perform a full KYC verification prior to doing so.

When an individual makes a decision to buy a Bitcoin Gift Card, they are not required to provide any personal information. Only upon redemption for BTC value. The personal information of individuals who redeem their BitCard® gift card for Bitcoin is by no means disclosed to any entity outside of the BitCard® network.

In cases where governments, state or national tax authorities change requirements for compliance or require the sharing of certain personal information, we are already aligned with the most up-to-date practices to be able to comply. These changes would be disseminated to the network as they occur so that all BitCard® retailers and users are fully aware.

Perpetual Compliance With All Laws And Regulations

The BitCard® ecosystem continues to devote significant attention to the area of compliance. We make it an ongoing commitment to stay up to date with the most recent updates and changes to local and international regulatory practices.

The goal is to keep our business and retailer clients and their customers as secure as possible by safeguarding all financial and personal information. We do so while keeping standards imposed by industry and regulatory authorities in an effort to remain safe on all sides.