What are the legal requirements/implications of a Payment Processor

Hi All,
I need some guidance/advice about a payment processor. At the moment the protocol specifications, modus operandi, fraud prevention and functionality are at the POC (Proof Of Concept) level. Basically the system i am trying to put up will facilitate the transmission of BTC LTC or any other virtual currency from A ( consumer) to B ( merchant) in exchange for goods or services in the real world through a secured system composed of a special designed hardware wallet(smartcard), a transaction server and a hardware device like an EFT-POS at the merchant premises. In the real world, such businesses are licensed as Payment Processors and carry transaction data between account holders and merchant accounts. I need some guidance in relation with this matter since what i have right now as software, hardware and concepts can be put into a test state in a matter of months.

thank you.