When you consider applying for a crypto license, your mind most likely would think about the documents, capital requirements, or regulator checklists. All of that matters, but your team can make or break your application. Regulators do not license a company, but those running it.

To impress them and accelerate your approval, you must put the right players in the right places. So what are the roles that can make your license application easier? Read on to find out!

Compliance officer: Your rule keeper

Consider your compliance officer to be the interface between your business and the regulator. They ensure that your activities are within the strict standards of law today and in the future when new regulations are passed.

An excellent compliance officer will:

•     Write and update your internal policies.
• Educate your employees on standards and practices.
•     Monitor upcoming laws to ensure you never get caught unawares.

Regulators will also pay close attention to the experience of your compliance officer. A compliance officer with experience working with other financial or crypto businesses will make it easier to get your crypto license.

MLRO: Your anti-money laundering guardian

The Money Laundering Reporting Officer is the individual in charge of identifying and reporting suspicious activity. Regulators consider this position crucial since cryptocurrencies are frequently the victims of malicious individuals.

The primary tasks of your MLRO are:

•     Managing KYC (Know Your Customer) procedures.
•     Researching strange transactions.
•     Reporting to financial intelligence units, where necessary.

In small firms, it may be preferable to have the same person as a Compliance Officer and MLRO. However, keeping them apart demonstrates to regulators that you are serious about risk management.

Tech Lead: Your infrastructure architect

Regulators are all about compliance, but they also need to know that your tech stack is secure, scalable, and robust. That is where your Tech Lead will come in.

A good Tech Lead will:

•     Control platform architecture and security.
•     Make sure that systems comply with data protection laws.
•     Collaborate with compliance to bring together the KYC/AML tools.

When your application describes its security as state-of-the-art, but your Tech Lead cannot explain how it works, expect questions and delays.

Secondary roles that count

You should also consider:

•     Finance Manager: Keeps your books clean and your capital needs under control.
•     Legal Counsel: Understands new crypto laws and advises on partnerships.
•     Operations Manager: Ensures that the day-to-day is the same as what is in your business plan.

Final words

Having the right team conveys a strong message to regulators: “We are in control of what we are doing and we are serious about our obligation.” You don’t have to hire the biggest names. Just put together people with the right combination of experience, integrity, and communication ability.

Investing in your team early will increase your chances of being granted the license. It also puts you in a position to build long-term trust with partners, banks, and customers. And in the rapidly changing world of crypto, such trust is priceless.