The crypto markets are very volatile and thus creating an exchange that is able to withstand this volatility is surprisingly not an easy task. Some of the exchanges just fail to deliver on their promises, while others bring more problems than they do good. The first thing one needs to take into consideration when establishing a crypto exchange is the fact that there are many laws in different countries for them to follow depending on the country where they operate. Since each person has their own way of doing business, it can be quite difficult trying to determine which regulatory structure will serve your business best so you can protect both your investors and yourself from possible legal action.
It’s also important for beginners to understand money transmission law. This is especially true if you want any serious growth in blockchain technology or cryptocurrency ever since the general public might feel that taking part in this industry could lead them into legal trouble eventually, restrictions have definitely increased over time especially after the most recent crackdown by Chinese authorities late last year 2018.
Conclusion: How To Open Your Own Crypto Exchange?
Start with building out an MVP (Minimum Viable Product) prototype of how your ideal product would look like or what sort of ecosystem would help make it happen? Create a Telegram channel about your idea? Spend some time researching how businesses work online since even though you might build something similar, having strong knowledge about how things function offline also helps ensure that everything functions as they describe it should be….at least somewhat! Check out our guide on