Blockchain startups are suffering from a crippling, archaic, and antiquated state regulatory system - and it's driving innovation abroad. Many blockchain start-ups trigger or may trigger money transmitter laws and regulations.

The blockchain industry generally agrees that some kind of a national license or charter is the best way to go, similar to the United Kingdom, where there is only one central regulator.

In March 2013, FinCEN issued guidance for virtual currency businesses - giving the industry some degree of clarity about how to be compliant on the federal level.

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