Like it or not, the key to Bitcoin's success lies in regulation. As the digital currency continues to grow in use and influence it will need to work with world governments in order to thrive. As Chief Compliance Officer at MonetaGo, a company that utilizes Bitcoin in a revolutionary way, Patrick Manasse has experience in navigating Bitcoin regulation in over 40 countries.

1. ONE OF THE PILLARS OF THE NEW ECONOMY
C O M P L I A N C E
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PATRICK MANASSE

2. BITCOIN AND BLOCKCHAIN TECHNOLOGY KEEP
GROWING
MORE
AND MORE
AND
MORE.
Banks, vendors, and even governments are now starting to explore
the digital currency. Along with this gaining of acceptance,
governments are increasingly working on ways to either
incorporate companies in the space into their existing regulatory
frameworks or coming up with new regulations to ensure safe and
efficient marketplaces.

3. For companies who wish to operate in a well­lit environment this
type of licensing and oversight is critical to the long­term
development of the sector.
HOWEVER
AS IS THE CASE WITH ANY
EMERGING TECHNOLOGY
government regulations tend to lag behind the actual
development.

4. BITCOIN IS NOT
JUST A DIGITAL
CURRENCY
IT’S A DECENTRALIZED OPEN­SOURCE
PROTOCOL
THAT EXISTS ON THE INTERNET
AND DOES NOT BELONG TO ANY
GOVERNMENT AGENCY.

5. Bitcoin is a thriving economic system
on open
international
waters
that governments are eager to regulate.
Part of the reason is of course to be able to net
some tax income, but with an unregulated
systems also comes fraud, money­laundering,
and other illicit activity–all things that
government regulation would be able to curtail
if not completely eliminate.

6. Given that Bitcoin is an open­source protocol,
governments are exploring new ways to regulate it.
Some countries have opted
for a
hands­off
approach
to let the ecosystem grow
unimpeded
while others are taking
regulation.
a gradual road
to

7. In the US, each state
approaches the regulation of
Bitcoin differently.
For instance, some states
are currently approaching
Bitcoin as if it were
has gone to great lengths to
BitLicense
while the state of
any
other
currency...
tailor-make
a system of regulation with
New York
The

8. Although still in its early days, the
BitLicense definitely deserves credit
for approaching Bitcoin and
Blockchain with an eye to the future.

9. As the Chief Compliance Officer at
MonetaGo
I have been actively involved with the
process of making sure that our
company’s revolutionary way of
utilizing Bitcoin and Blockchain is
compliant with regulations and bank
compliance procedures in more than
40 countries
around the world.

10. The
professionalism
that I have
experienced in
applying for New
York’s BitLicense
shows a great
deal of
understanding
on the part of the
New York State
Department of
Financial
Services
(NYSDFS).

11. For instance, the
NYSDFS has
taken the stance
that the process
is to be iterative,
thus allowing
companies to go
back and forth
with the
Department
during the
application
process making
the licensing
manageable for
younger
companies like
MonetaGo.

12. Understandably, the Bitcoin community is
divided on how they feel about regulation
and the “mainstreaming” of the
currency.
HOWEVER,
to some extent,
BITCOIN
Many people are using it, major
merchants are starting to accept it, more
VCs are investing it in it, and now more
countries are acknowledging its existence.
MAINTSTREAM
ALREADY
IS

13. THERE IS NO TURNING BACK
THE CLOCK ON BITCOIN’S
WIDESPREAD ADOPTION.
THE ONLY WAY TO GO
IS FORWARD
AND WORKING HAND­IN­HAND WITH
REGULATORS AND BANKS
IS CRITICAL
TO MOVING IN THAT DIRECTION.

14. FOR MORE
BITCOIN
INSIGHTS
CHECK OUT
PATRICKMANASSE.COM
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