Some companies use crypto currency to facilitate payments. One avenue to reduce fees is to convert in and out of crypto to fiat currency to receive or make payments without actually touching it. In other words, the company is taking a “hands-off” approach that keeps crypto off the books.
Enabling crypto payments, such as bitcoin, without bringing them onto. So, the company’s balance sheet may be the easiest and fastest entry point into the use of digital assets. It may require the fewest adjustments across the spectrum of corporate functions and may serve immediate goals, such as reaching a new clientele and growing the volume of each sales transaction. Enterprises adopting this limited use of crypto typically rely on third-party vendors.
The third-party vendor, acting as an agent for the company, accepts or makes payments in crypto through conversion into and out of fiat currency. This may be the most straightforward option to pursue. And, in all likelihood, it may cause relatively few disruptions to a company’s internal functions since the “hands-off” approach keeps crypto off the corporate balance sheet.
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The third-party vendor, which will charge a fee for this service, handles the bulk of the technical questions and manages some risk, compliance, and controls issues on behalf of the company. However, that does not mean that the company is absolved from all responsibility for risk, compliance, and internal controls issues. Companies still need to pay careful attention to issues such as anti-money laundering and know your customer (AML and KYC) requirements. And, of course, they also need to abide by any restrictions set by the Office of Foreign Assets Control (OFAC), the agency that administers and imposes economic and trade sanctions imposed by the US government.
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