Skip to main content

In the fast-developing crypto industry, there is a scarcity of companies capable of providing realistic and objective consulting services. This is primarily due to a significant knowledge gap between those who understand the technology and those who comprehend the intricacies of regulation and compliance, operational and crypto business risks, internal policies, as well as sales and marketing strategies.

On one hand, individuals well-versed in the complexities of cryptocurrencies often lack a comprehensive understanding of the regulatory landscape and compliance requirements. They may also struggle with the operational aspects and risk management associated with running a business in this dynamic industry.

On the other hand, those experienced in managing traditional companies may lack the technical expertise required to grasp the nuances of blockchain technology and its applications within the crypto space.

The result is a situation where the crypto industry remains a mystery to many businesses. Companies seeking to thrive in this unique landscape require a holistic approach that combines both technical proficiency and a deep understanding of regulatory and operational challenges.

To provide valuable consulting services in the crypto industry, a company must bridge this gap and possess a multidisciplinary understanding of crypto space. Such as technology, compliance and regulation, risk management, internal policies, and effective marketing strategies. By integrating expertise from both the crypto and traditional business domains, consulting firms can offer comprehensive and well-informed guidance to navigate the complexities of this rapidly evolving industry.

Lets deep dive into the separate segments so we can better understand how all of the above is interconnected:

Regulation and Compliance in Crypto Business

Regulation and Compliance in Crypto Business

The regulation and compliance aspect of the crypto industry is crucial for its mainstream adoption and legitimacy. Governments around the world are actively working to develop comprehensive regulatory frameworks for cryptocurrencies and blockchain technology.

Examples of regulatory frameworks

  • MICA (Markets in Crypto-Assets) Regulation. Set to take effect in 2024, MICA aims to establish a harmonized regulatory framework for cryptocurrencies within the European Union.
  • United States. The U.S. is in the process of formulating a comprehensive regulatory framework for cryptocurrencies to ensure consumer protection, prevent fraud, and address money laundering concerns.
  • Japan. Japan has already implemented a regulatory framework for crypto assets to provide clarity and protection to investors and users.
  • South Korea. Similarly, South Korea has put together a regulatory framework to govern crypto-related activities and protect consumers.
  • Singapore, Australia, Canada, and UK. All these countries have also introduced legal frameworks to regulate crypto activities and foster responsible growth in the industry.

How Firstbyt can help you with compliance?

When it comes to your compliance and legal matters in establishing your crypto company, FirstByt is your ideal partner. Our dedicated team of legal experts is here to guide you through the complexities of the crypto industry and ensure that your business complies with all necessary regulations.

Whether you’re looking to set up your crypto venture within the EU, Asia, Middle East, or in offshore jurisdictions, we have the expertise to streamline the process and lower any barriers to entry. We provide comprehensive solutions tailored to your specific needs, from planning and formation to incorporation and ongoing compliance management.

At FirstByt, we understand the ever-changing regulatory landscape and the importance of adhering to legal requirements. With our support, you can navigate the legal complexities of the crypto market with confidence, allowing you to focus on building a successful and compliant crypto business.

Trust FirstByt to be your reliable partner in establishing your crypto company. With our legal and compliance expertise, you can rest assured that your venture will be on solid legal footing, both onshore and offshore.

How to get a Crypto Business License

How to get a Crypto Business License?

Before start in crypto business

  1. Research and Choose the Jurisdiction. At FirstByt, we take care of all the research and analysis to help you choose the most suitable jurisdiction for obtaining a crypto license. Our team of experts will thoroughly assess different jurisdictions that offer crypto licensing, taking into account their specific regulations, requirements, and associated costs. We understand that each business has unique goals and needs, and we tailor our recommendations to align with your specific business objectives. Our deep expertise in the crypto industry and our extensive knowledge of various jurisdictions allow us to provide you with valuable insights and guidance.
  2. Define Your Business Model. Determine the scope and nature of your crypto-related activities. Is it cryptocurrency exchange, wallet services, payment processing, or other crypto-related services.
  3. Comply with Regulatory Requirements. Understand the specific regulatory requirements for the chosen jurisdiction. This may include anti-money laundering (AML) and know-your-customer (KYC) procedures, cybersecurity measures, capital requirements, and more.

Before start in crypto business

  1. Incorporate Your Company. Register your company in the chosen jurisdiction and ensure that it complies with local business laws and regulations.
  2. Prepare Documentation. Prepare all the required documentation, including business plans, compliance policies, operational procedures, financial statements, and any other documents specified by the regulatory authorities.
  3. Submit Application. Apply for the crypto license with the appropriate regulatory body in the chosen jurisdiction. This process may involve submitting all the required documentation, undergoing background checks, and paying the necessary fees.
  4. Undergo Compliance Review. Your application will undergo a compliance review by the regulatory authorities. They will assess whether your business model, practices, and policies align with the regulatory requirements.
  5. Obtain Approval. If your application meets all the regulatory criteria, you will receive approval for the crypto license. This approval will allow you to legally operate your crypto-related business in the jurisdiction.
  6. Implement Ongoing Compliance: Once you have obtained the crypto license, you must adhere to ongoing compliance requirements and this will involve regular reporting, audits and updates to policies and procedures.

It’s essential to work with legal and regulatory experts who specialize in crypto licensing to ensure a smooth and successful application process. Each jurisdiction has its unique requirements and nuances. Seeking professional guidance can help you navigate the complexities and increase your chances of obtaining the desired crypto license.

Payments in Crypto Business

Payments in Crypto Business

Why it is hard to get banking in crypto?

The collapse of three crypto-friendly lenders in the U.S. has created a challenging situation for crypto firms seeking banking partners. This has resulted in a concentration of business in smaller financial institutions. Mainstream banks have grown wary of crypto clients due to high-profile collapses and a lack of regulatory clarity. As a result, digital asset companies are turning to alternative options. Some of them seek partnerships with fintech-focused or digital banks in less conventional financial markets.

Big banks usually approach customers involved in cryptocurrencies with caution. They have careful processes to check and manage risks. For instance, JPMorgan Chase is choosy about which crypto businesses it works with, and mainly partners with a few like Coinbase. Bank of New York Mellon looks at crypto companies case by case. ING, and some others, are not heavily involved with crypto firms, which means they aren’t actively seeking to work with them much.

The reluctance of mainstream banks to engage with the crypto industry has raised concerns for smaller crypto start-ups. This makes things more challenging for them to secure banking partnerships. Many banks cite the higher risk of money laundering associated with the crypto sector. Also the lack of robust crypto regulation is a reason for their caution.

How to crypto banking challenges?

Despite these challenges and hard environment, some of the largest cryptocurrency companies have established ongoing relationships with top-tier U.S. banks. Circle, Gemini, and Coinbase, have partnerships with prominent banks to custody their reserves or deposit customer funds.

The way banks and payments work with cryptocurrencies is changing fast. At the beginning, regular banks were a bit unsure about working with crypto companies because they thought it might be risky and unclear, but now, big financial companies like Blackrock are starting to get involved by introducing Bitcoin ETFs (that’s short for Exchange-Traded Funds). This shows that things are starting to shift. As new rules and guidelines come in, we can expect regular companies to start offering banking services to crypto businesses too.

At FirstByt, we understand the dynamic payment landscape for the crypto industry. We are actively collaborating with banks, EMIs (Electronic Money Institutions), and alternative payment solutions to help you choose the best payment options for your business. Our expertise and network enable us to guide you in selecting the most suitable payment solutions for seamless business operations. With FirstByt, you can confidently navigate the evolving financial landscape and optimize your payment processes for success



Blockchain technology is at the core of the crypto industry, and it has revolutionized various sectors. The industry constantly witnesses innovative technological developments, making it one of the most advanced domains in the tech world. The decentralized nature of blockchain allows for endless possibilities. It has applications beyond cryptocurrencies, such as supply chain management, smart contracts, decentralized finance (DeFi), and more.

Technology options

Starting a cryptocurrency exchange business can be a profitable venture, and using a white label crypto exchange software solution is a popular choice for entrepreneurs. A white label crypto exchange allows companies to quickly launch their platforms with minimal upfront investment. It provides a pre-built infrastructure that can be customized according to business requirements, including UI/UX, security systems, liquidity integration, and asset management services.

The process involves conducting market research to understand the competition and target audience. Selecting a reliable white label provider is crucial, as they will handle core infrastructure and support services. Customization is essential to tailor the exchange to specific needs, and key features like a user-friendly interface, robust trading engine, payment gateways, and security measures must be integrated.

How Firstbyt can help you with technology?

To run a successful exchange, risk management, compliance with regulations, and continuous monitoring are vital. Staying updated with market trends and providing excellent customer support will enhance user experience and build trust with clients. The combination of these factors ensures a secure, competitive, and compliant OTC crypto exchange development platform.

At FirstByt, we possess deep expertise in the technology side of the crypto brokerage business. Our comprehensive crypto brokerage solutions encompass end-to-end front and backend technology, providing you with all the necessary tools to thrive in the industry. Our modular technology allows seamless integration with your existing technology stack, offering flexibility and efficiency. Reach out to us today, and let’s explore how we can empower your crypto venture with our cutting-edge technology solutions.

Learn more about FirstByt technology here.

Accounting and Taxation in Crypto Business

Accounting and Taxation in Crypto Business

Accounting and taxation are significant challenges faced by companies operating in the crypto industry. The complexities of crypto-related financial reporting and the ever-evolving tax regulations make it difficult for many companies to navigate effectively. Implementing proper accounting practices and ensuring compliance with tax laws are essential for long-term sustainability and avoiding potential legal complications.

At FirstByt, we understand the unique accounting and taxation requirements in the crypto industry. We offer tailored accounting services based on your specific legal setup and business needs. Our back office is equipped with a robust reporting system, enabling you to effortlessly generate and share reports with your financial department or accountant. With our expertise and support, you can confidently manage your financial matters, ensuring accuracy and compliance with tax regulations. Let us assist you in overcoming accounting and tax challenges. Maintaining focus is crucial for growth and success in the ever-evolving crypto industry.

Marketing and Sales

Marketing and Sales

Marketing and sales in the crypto industry demand a specific approach, considering the unique behavior of the target audience. Crypto users are known to seek information through unconventional channels, such as YouTube, influencers, and specialized crypto websites. Understanding the behaviour and interests of crypto users is vital in creating valuable content and planing effective marketing strategies.

At FirstByt, we possess vast experience in partnering with various crypto and blockchain marketing agencies and platforms, influencers, and content creators. Our expertise is proven across the EU, Asian, African, and South American markets. We have successfully operated in each of these regions, working on diverse projects. By leveraging our deep knowledge and understanding of these markets, we can provide you with tailored marketing and sales solutions.

Contact us today, and let us show you how we can help grow and expand your crypto business. With our specialized approach and in-depth market insights, we can elevate your marketing efforts, enhance user engagement. We will help you to succeed in the competitive crypto industry.