Lawyer Monthly Magazine - March 2020 Edition

• Receive licences for such activity (for example, a BitLicense for exchanges in New York); • Inform law enforcement authorities of transactions arousing suspicions; • Pass the registration procedure in the United States Department of the Treasury (the registration should be extended every two years); • Report on transactions exceeding the amount of 10 thousand USD. On top of this, each state may have its own set of requirements and rules, so needless to say, it will take a while for everything to be finalised and authorised. The two jurisdictions have different licences, processes and requirements for you to expand your crypto exchange. Royce says he has found a way to lessen the time it takes for you to be up and running in the new jurisdiction, but how is that possible? Speaking to him, we reveal more about his innovative 12 Front Cover Feature Royce Lane WWW.LAWYER-MONTHLY.COM | MAR 2020 One of the most vital steps when expanding internationally is checking everything is compliant with the country’s legal requirements. An overseas business plan includes: Internal business audits that help the organisations have an increased knowledge of the capabilities, growth areas, and competitive advantage. They consist of a SWOT analysis that ensure product the international market. Marketing strategy that includes establishing a brand position, marketing tools, product delivery, key performance areas, and pricing evaluations according to the overseas market economic environment. Top-down budget that begins with six to twleve months and expands to a three-year period thereafter. It is alligned with the business plan and monitored on a monthly basis. Competitive analysis that compares the operations and business organisation against industry competition in the target market. Market analysis which is research on the target overseas market. These research areas include market size, growth, potential consumer attitudes, and the state of the economy. Localised infrastructure plan that outlines the methods to set-up compliance features. Infrastructure plans include recruiting internationally, sourcing local suppliers, and establishing legal status. Timeline made-up of feasible commitment dates that map the entire expansion.