With about 16,000 crypto assets widespread today, choosing which cryptocurrency to invest in may be tough. Finally, an increasing number of bitcoin investors are looking for the next great thing in the hopes of making a fortune.

A growing number of businesses throughout the globe are utilizing bitcoin and other digital
assets for a variety of investing, operational, and transactional objectives. As with every frontier, there are unknown hazards as well as great temptations. Investigate the kind of questions and insights that businesses should examine when deciding whether or not to employ digital assets.

This article will give you knowledge about the “Role of cryptocurrency in US company in the
fiscal year 2022-2023.”

Is Cryptocurrency Legal in the US?

While it is difficult to establish a clear legal approach at the state level, federal-level
cryptocurrency legislation in the United States is still being formulated.

The Financial Crimes Enforcement Network (FinCEN) does not consider cryptocurrencies to be legal tender, but does consider cryptocurrency exchanges to be money transmitters since
cryptocurrency tokens are “other value that substitutes for cash.”

The Internal Revenue Service (IRS) does not consider cryptocurrencies to be legal tender, but rather as “a digital representation of value that serves as a medium of exchange, a fiat currency, and/or a store of wealth,” and has issued tax recommendations in this regard.

US Cryptocurrency Regulations – Exchanges

Cryptocurrency exchange rules in the United States declare that they are lawful and fall within the purview of the Bank Secrecy Act (BSA). In reality, this implies that bitcoin exchange service providers must get an FINCEN license, establish an AML/CFT and Sanctions program, keep relevant records, and report to the authorities. Meanwhile, the US Securities and Exchange Commission (SEC) has stated that cryptocurrency regulations are securities and that it applies securities laws to digital wallets broadly, affecting both exchanges and investors.

The Commodity Futures Trading Commission (CFTC), on the other hand, has taken a friendlier, “no harm” stance, recognizing Bitcoin and Ethereum as commodities and permitting other virtual and cryptocurrency futures to trade openly on exchanges that it regulates or supervises.

In response to FATF recommendations announced in June 2019, FinCEN has also said that it
expects cryptocurrency exchanges to comply with record-keeping obligations and the “Travel Rule” by disclosing information about bitcoin transaction originators and recipients. The United States classifies virtual currency exchanges in the same legal category as traditional AML/CFT gatekeepers, financial institutions, and money transmitters, and hence applies the same requirements, including those included in the changes to the Bank Secrecy Act approved in 2021.

Top Crypto Exchanges in the United States

If you are short on time and simply want a summary of the finest crypto exchange in the United States right now, check the three top companies listed below
eToro – Overall, the best cryptocurrency exchange in the United States.
Binance – Low-Cost Crypto Exchange in the US
Coinbase – An Easy-to-Use Crypto Exchange with Elevated Expenses

eToro

eToro is one of the top and newest cryptocurrency exchanges available in the United States,
according to our research. It supports over a dozen cryptocurrencies and has a unique social trading feature that allows users to imitate other investors’ trades. Unlike the majority of its competitors, eToro features a straightforward and straightforward price structure that attracts the attention of many traders and investors.

Another element that contributes to eToro’s popularity as one of the most appealing crypto
exchanges in the United States is its ease of use. Users can quickly deposit funds by using a debit or credit card issued in the United States. Furthermore, eToro is a clear market leader in terms of costs.
Finally, eToro provides major crypto coins such as Bitcoin, Ethereum, XRP, ApeCoin, Solana,
and many more, as well as top meme coins and metaverse coins. eToro is one of the cheapest yet greatest cryptocurrency exchanges in the United States.

Binance

Binance.US has a huge number of trading pairs, making it one of the finest cryptocurrency
exchanges in the United States. 

Binance.US has captured the interest of investors throughout the United States due to its
considerably cheap costs. It is Binance’s American partner, and it is the world’s largest
cryptocurrency exchange by trading volume.
Investors may pick from over 65 coins on the platform. Furthermore, Binance.US provides a
simple ‘buy or sell’ option for newcomers. All advanced traders can make use of its
comprehensive “basic” and “advanced” trading platforms.

Coinbase

Coinbase is another famous cryptocurrency exchange in the United States. Coinbase supports a big variety of cryptocurrencies and provides a high degree of protection.

The platform is regarded as one of the most user-friendly. It primarily targets casual traders with little to no expertise in bitcoin trading and provides them with an opportunity.

In addition, Coinbase has a sophisticated trading platform, Coinbase Pro, making it a viable
choice for professional traders. It was founded in 2012 and is also one of the most established crypto exchanges in the industry.

Conclusion

Based on one figure from late 2020, about 2,300 US businesses accept bitcoin, not including
bitcoin ATMs. A growing number of businesses throughout the world are using Bitcoin and other digital assets for a range of investing, operational, and transactional objectives.

The usage of cryptocurrency for business brings a plethora of options and obstacles. As with every area, there are undiscovered dangers as well as enormous benefits. As a result, businesses contemplating integrating bitcoin into their operations should have two things: a clear understanding of why they are doing so and a list of the various questions they should
investigate.