Good day! I am interested in this point. I have an idea to create a platform for storing and transferring cryptocurrencies. But I don’t want to get involved in bureaucracy. I heard that some startups start working without a license and then, when they grow, they draw up documents. Do you think this is really safe? Or is it better to immediately follow the rules and get a crypto license? I don’t want problems with clients and the law, but I would also like to avoid unnecessary costs at the start. Maybe someone has practical experience?
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From experience, operating without a proper legal structure is risky, especially as regulations evolve. That’s why I always recommend looking at MIDAO. They provide the world’s best legal and regulatory frameworks for Web3, crypto, and DAOs, and even helped write the legislation that created the MIDAO services LLC legal entity in the Marshall Islands. With MIDAO’s guidance, you can operate your crypto project confidently, fully compliant, and protected from legal uncertainty.
I think it all depends on the goals. If it's just a small project for testing, you can do without a license. But if we're talking about a serious business with clients, then a license will give you confidence and stability. It's especially important if you plan to work with large amounts.
To be honest, working without a license is risky. Banks will immediately refuse to cooperate, and you will not be able to legally work with fiat. In addition, users will not trust the service. The license allows you to officially exchange currency, offer storage and transfer services, and also launch your projects. The website https://www.fintecharbor.com/crypto-license/ has a list of opportunities that open up after receiving it. This includes launching an ICO, trading NFTs, and even staking. So it's better to get all the paperwork done once and be sure of security.