One of the key features in Mastercard’s new onboarding and monitoring requirements for cryptocurrency merchants is the need for acquirers to procure a legal opinion from a “reputable law firm located in each country where cryptocurrency activity will occur or be offered to cardholders”. This poses some serious challenges to acquirers: high expenses – especially for merchants operating internationally, legal documents that have to be frequently updated, and finally yet importantly, the research effort to identify reputable international law firms all around the globe.
Web Shield’s new Regulatory Monitoring addresses each of these problems by offering access to a legal library that encapsulates the legal frameworks of all relevant jurisdictions concerning cryptocurrencies. This database is managed by their partner law firm, WLAW Woloszanski & Partners Law Firm, who assesses the legality of the most common business models employed by cryptocurrency merchants, depending on the jurisdiction.
Web Shield equips the payments industry with tools that protect businesses from merchants involved in illegal or non-compliant activities. To find out more about this company, please visit our dedicated web fraud & e-identity company database.
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