Payment Processors are companies that handle financial transactions between customers and merchants, facilitating the secure movement of funds. They act as intermediaries, authorizing and settling payments through various channels, including credit cards, debit cards, and increasingly, digital currencies. These services are essential for modern commerce.
Context
Payment processors are expanding their role within the digital asset economy by enabling seamless fiat-to-crypto and crypto-to-fiat conversions, integrating cryptocurrency payment options into mainstream retail, and providing infrastructure for blockchain-based transactions. This expansion requires navigating complex regulatory landscapes, addressing security concerns, and ensuring interoperability with traditional financial systems. Their continued innovation is crucial for the wider adoption of digital assets in everyday commerce.
Custodial digital asset brokers must immediately update compliance frameworks to capture gross proceeds by January 1, 2025, formalizing the tax reporting architecture.
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