All posts by: Christian Reeves

Bermuda is poised to become the top international bank license in 2024. The island has a number of advantages that make it an attractive destination for banks, including a stable political and economic environment, a sophisticated financial services industry, and a well-developed regulatory framework. Bermuda is poised to become the top international bank license in

In this post, I am looking at the risks of buying an international bank in Puerto Rico. I am focused on offshore banks in Puerto Rico because that’s my expertise. But, these risks apply to the purchase of any small bank, especially offshore banks without FDIC.  The acquisition of a bank in Puerto Rico can

The Puerto Rico Office of the Commissioner of Financial Institutions (OCIFI) is expected to implement new international banking regulations in 2024. The regulations are designed to improve financial transparency and to prevent money laundering. Some of the key provisions of the new regulations include: Enhanced customer due diligence: Banks will be required to conduct more extensive

In this post, I’ll look at setting up a Swiss Crypto Exchange or fintech business using a fintech license or as a Qualified Intermediary. It is also possible to operate as a full bank in this capacity, but this is beyond the scope of this article.  Introduction Operating a cryptocurrency exchange in Switzerland involves dealing

In this post, I will look at selling Bitcoin for cash in Canada. The bottom line is that it’s legal to sell Bitcoin for cash in Canada so long as you watch out for cash buyers with illegal businesses looking to launder their drug proceeds (for example). We don’t want to get involved with any

I usually write about mid-tier or lower-tier international banking licenses. In the middle of the market, we have the US territory of Puerto Rico with Bermuda coming up fast.  In this post, I’ll look at the top-tier banking jurisdictions.  If you enjoy the following article, you might also like to review the differences between Puerto

A Mexican SOFOM, or Sociedad Financiera de Objeto Múltiple, is a type of financial institution that can provide a variety of financial services, including money transmission, cryptocurrency, loans, leases, and factoring. SOFOMs can be either regulated or unregulated, with regulated SOFOMs being subject to more oversight by the Mexican government. Fintech, financial services, and crypto

Cancun, the jewel of Mexico’s Yucatan Peninsula, is not just a paradise for beach lovers, but also a thriving hub for various types of businesses. Thanks to its status as one of the world’s premier tourist destinations, a thriving expat community, and a steadily growing economy, Cancun offers a plethora of opportunities for entrepreneurs. Here

The dynamic business landscape in Mexico is offering fertile ground for both FinTech and crypto businesses. Driven by a potent mix of regulatory evolution, market potential, and consumer demand, Mexico has emerged as one of Latin America’s hotspots for these disruptive technologies. Here’s a look at the vibrant business climate in Mexico for FinTech and

In this post, I’ll explain why I believe Tijuana is the best business city in Mexico in which to set up a fintech, financial services, or crypto business. I’ve traveled and done business throughout Mexico for over 20 years and can say without a doubt that Tijuana is the most efficient option for setting up

The purpose of this post is to guide investors and business owners looking to do business in the Dominican Republic. Thus, it is written from a business perspective. I strongly recommend the Dominican Republic as a jurisdiction for a fintech business or as a domestic and international banking center.  The history of the Dominican Republic

In this post, I’ll explain why I believe Bermuda is the best jurisdiction for an international bank in 2024 and what’s required to build an international bank in Bermuda. This is a relatively new jurisdiction, with only one completed case as of this writing. But, I expect big things from Bermuda and for them to

Buying a bank can be a lucrative investment, but it is important to be aware of the risks involved. Some of the most common risks associated with buying a bank include: In addition to these risks, there are a number of other risks that could be associated with buying a bank. These risks can vary

In this post, I will consider why card issuers and certain fintech businesses have compliance requirements and how those KYC and AML rules translate to transaction monitoring rules within the core system or compliance system. The focus of this post is on anti-money laundering and related transaction rules.  Know Your Customer (KYC) and Anti-Money Laundering

In this post, I will review how to build a compliance program for a new or startup fintech, crypto, or credit card issuing business. Most startups focus on tech, testing, and finding customers in the early days. But, a complete compliance program should be the first thing a fintech, crypto, or credit card issuing business

One of the biggest issues facing fintech and card issuers in the United States is how to structure the business to avoid the need for an MSB license. An MSB license can tie up many millions of dollars in capital and cost a fortune to acquire on a national level. Thus, there is how to

In this post, I look at the recent US Tax Court Case Tice v IRS (April 10, 2023). This USVI case has major implications for those of us living and working in Puerto Rico under Acts 20, 22, and 60 (the more recent version of the law). Anyone in Puerto Rico using these tax decrees

As the popularity of cryptocurrencies like Bitcoin continues to grow, so does the demand for methods to exchange them for physical cash. While licensed exchanges are a common and regulated way to conduct these transactions, many people wonder if it is legal to exchange Bitcoin for physical cash in Switzerland without using a licensed exchange.

The growing popularity of cryptocurrencies, such as Bitcoin, has led to an increase in demand for various methods to exchange them for physical cash. While licensed exchanges are a common and regulated way to conduct these transactions, many people wonder if it is legal to exchange Bitcoin for physical cash in the United States without

The best “pure offshore” offshore bank license jurisdiction in 2022 is St. Lucia. Here’s what you need to know about opening an offshore bank in St. Lucia, including the capital, operations, correspondent accounts, etc.  If you’re thinking about opening a bank in St. Lucia, this is a must-read.  I say that St. Lucia is the