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In the United States, businesses that want to trade in cryptocurrency must obtain a crypto license from the Financial Crimes Enforcement Network (FinCEN) before they can operate a cryptocurrency exchange or trading platform.

State money transmitter licensing laws are among the most important statutes in the US that address the safety and integrity of the payments system and provide critical protections to consumers and companies that send or receive payments.

In the state of Florida, any LLC, limited liability partnership, or foreign entity engaged in the money transmission business is required to obtain a Money Transmitter license. Licensees are authorized to receive monetary value, currency, or payment instruments for transmission purposes.

Licensing standards to qualify for licensure apply pursuant to Chapter 560.1401, Florida Statutes. Money Transmitters are required to maintain a federal registration as a Money Services Business (MSB) and comply with federal recordkeeping and reporting requirements.

State licensing requirements for money transmitter businesses Surety bond. FBI criminal background check. Fingerprints. Financial statements. Credit report. Meeting minimum net worth qualifications (for licensee) Business plan. Certificate of Good Standing.

The fee for a Florida money transmitter license application is $375. However, there will be other costs that you will have to bear while preparing to complete the application. The most notable of these is the surety bond, the minimum net worth, and the compliance program.

A business must obtain a BitLicense if it engages in Virtual Currency Business Activity involving New York State or any person that resides, is located, has a place of business, or is conducting business in New York State.

California Statute 2003 defines money transmitter as any business entity who performs in one or more of the following business functions: Sells or issues payment instruments. Sells or issues stored value.

Yes. The Anti-Money Laundering Act of 2020 codifies prior Financial Crimes Enforcement Network (FinCEN) guidance by making all transactions in ?value that substitutes for currency? subject to reporting requirements and money transmitter registration; this definition includes digital currency.