I could do a fully US licensed one (via CFTC, not SEC) for $500k in legal compliance and ~$2-3mm in dev/ops costs. Costs would be about 25% of that overseas (again, fully licensed by local regulators; at minimum a "no action" private letter ruling that you're not a banking institution (since you don't make loans/take deposits), but just a financial service provider like a traditional currency exchange, but much more ideally a fully recognized financial market with participants).
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I could do a fully US licensed one (via CFTC, not SEC) for $500k in legal compliance and ~$2-3mm in dev/ops costs. Costs would be about 25% of that overseas (again, fully licensed by local regulators; at minimum a "no action" private letter ruling that you're not a banking institution (since you don't make loans/take deposits), but just a financial service provider like a traditional currency exchange, but much more ideally a fully recognized financial market with participants).
(IANAL of course, and IANAS7)