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June 02, 2013, 12:28:06 AM |
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People shouldn't take casual comments as exactly literal. In the US each state has bonding requirements and they vary depending on the state, how well capitalized the company is, the transaction volume, the number of locations, etc. There is no magical $25M "MT across America unlimited" bond.
Generally a surety company will provide (a well capitalized company) a bond for 3% to 6% a year prepaid (i.e a $1M bond would require ~$45K a year) but once again there are literally dozens of variables, how risky is this enterprise, how successful is the management team, how much experience do they have, what is the existing case law, how enthusiastic is government regulators, etc. The application for a surety bond generally is a couple dozen pages and looks into the financial background, criminal records, and experience of not just the company but key employees too.
It would much lower cost and risk for a company (any company) to use a surety bond writter to cover the bonds and just pay the marginal annual fee. That being said you are talking about two years and millions of dollars assuming your company has an excellent management team, years (hopefully decades) of experience, and advanced talks with regulators already complete. We are talking about fifty different state regulators each with their own procedures, forms, processes and all of it moves at the speed of government.
There is a reason there are about a dozen companies in the entire WORLD (not Bitcoin companies but all companies) with MT licenses in every state and territory.
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