Why Non-Compliance is Key to Bitcoin’s SuccessArmstrong defines compliance as “working with regulators, law enforcement, banks, etc.” and touts the fact that as much as 20% of Coinbase staff work on compliance “in some form.”
But why is Coinbase putting so many resources into regulatory compliance?
This is because for industry heavyweights such as Coinbase — whose co-founder Fred Ehrsam previously worked for Goldman Sachs — compliance offers a very attractive competitive advantage opportunity. As previously reported, it is usually the smaller startups that are most affected by regulations. Legal costs push non-compliant firms out of the market through prohibitive red tape, time-cost, and legal costs. These costs would also translate into more expensive service for customers.
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https://news.bitcoin.com/non-compliance-key-bitcoin/
