Compliance shouldn’t slow you down

If you think compliance is the department of “No” – the roadblock to fast go-to-markets – you’re not alone. But this is a misconception I’d like to dispel. 

The compliance department of any crypto company is essentially the middleman between regulation and product. We help operationalize what the company wants to achieve. We’re not trying to slow anyone down.

The regulatory landscape

The crypto regulatory landscape isn’t as chaotic as it might seem. While some assume crypto is entirely unregulated, the reality is far from that. In fact, the industry is highly regulated, though the frameworks vary across regions.

In the U.S., for example, companies need to secure licenses to operate in specific states. The type of licenses required depends on factors like the company’s business model and customer base. Although state-level regulations vary, federal oversight still exists through agencies like the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Asset Control (OFAC).

For a global company like MoonPay, the complexity increases. MoonPay operates in over 180 regions and holds a Money Transmitter License (MTL) in 45 U.S. states and territories (which includes D.C., Puerto Rico and Guam). Outside the U.S., compliance involves navigating country-specific regulations, such as those set by the Financial Conduct Authority (FCA) in the U.K., the Central Bank of Ireland (CBI), and newer frameworks like the European Securities and Market Authority’s Markets in Crypto-Assets Regulation (MiCA).

Even without federal U.S. crypto regulation, companies must work within a complex web of oversight. Far from being lawless, the industry keeps compliance teams and legal departments exceptionally busy ensuring adherence to these rules.

Compliance as a “strategic partner”

Compliance is often seen as the gatekeeper that slows things down. But really our role is to figure out how business products can be operationalized without violating regulations. In fact, a large part of our remit is to figure out how to do this quickly (as well as efficiently). 

When a new product or feature is proposed, compliance begins with a checklist of questions:

• What are we aiming to achieve? 
• Who is our target audience?
• Are we licensed to operate in the target regions?
• Which regulations apply to the proposed product?
• What are the reporting requirements?
• Do policies, procedures, or templates need updating?
• What are the disclosure and record-keeping requirements?

This is just the starting point. We’ll collaborate with product owners and other departments like Operations, Risk, and Legal to answer these questions and resolve potential roadblocks before launch.

We also help prioritize what’s essential for regulatory compliance at launch versus what can be addressed post-launch. Sometimes we may flag something as “non-negotiable”. This is not to be difficult, but to protect the company’s licenses and reduce risk to an acceptable level.

Our goal is always to strike a balance between taking strategic risks and avoiding reckless risks.

Compliance isn’t here to stop you: we’re here to ensure what you achieve is both innovative and sound.

Pro tip: Involve compliance early

The best way to ensure compliance doesn’t slow down your GTM timeline is simple: involve us from the very beginning.

When teams like Design, Product, and Engineering bring Compliance into the conversation at the concept stage, we can identify regulatory boundaries early and provide clarity on what’s feasible. This avoids scenarios in which substantial work is done, only for compliance to flag issues later (and thus forcing delays).

Ask questions, even if they seem small. Provide real-time feedback and challenge assumptions. These conversations lead to better solutions, faster launches, and a more cohesive team effort.

Final thoughts

Compliance shares the same goal as the rest of the business: to bring innovative products to market safely and successfully. Our intent isn’t to restrict or hinder growth but to ensure products are aligned with regulations, best practices, and business objectives.

We’re not trying to slow you down. In fact, we should be viewed as a critical partner in accelerating innovation.