Fingerprints requirement sounds a bit ludicrous. Is this standard practice applied to other financial services companies?
Capital requirement is misplaced: Bitcoin startups are not generally fractional banking institutions. Also, they operate in Bitcoin, so why demand they hold assets denominated in USD? It's not like the customers can come back demanding to sale their Bitcoin at the same exchange rate they bought it at.
Audits and security testing sound perfectly appropriate.
Inactive assets handover also seems appropriate since it provides the most efficient way to manage and ultimately return abandoned property to its rightful owner.
Fingerprints are required so that when they find a stolen bitcoin, they can dust it for prints to see if any of the founders were involved in its theft. That's pretty straightforward.
Comments
Fingerprints requirement sounds a bit ludicrous. Is this standard practice applied to other financial services companies?
Capital requirement is misplaced: Bitcoin startups are not generally fractional banking institutions. Also, they operate in Bitcoin, so why demand they hold assets denominated in USD? It's not like the customers can come back demanding to sale their Bitcoin at the same exchange rate they bought it at.
Audits and security testing sound perfectly appropriate.
Inactive assets handover also seems appropriate since it provides the most efficient way to manage and ultimately return abandoned property to its rightful owner.
Fingerprints are required so that when they find a stolen bitcoin, they can dust it for prints to see if any of the founders were involved in its theft. That's pretty straightforward.