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Crypto Business License in USA

In the United States, crypto-currency regulation started to come into the limelight at the legislative level in 2013 while the government made the verdict not to ban them, but somewhat to make a legal basis for their use. Cryptocurrency in the United States is considered as decentralized and they function the same way as a fiat currency. This means that exchanges and additional organizations experiencing operations with them are grateful:

  • To be listed as Money Services Businesses (financial services)
  • To obtain licenses for such activity (bitlicense, USA);
  • To notify law enforcement authorities of transactions affecting doubts.
Setup a Company

In the USA, cryptocurrency licenses are issued by the National Regulation Bureau FinCEN The institution issues permits which also permit for the ways of activities related to:

  • The provision of prepaid access and background checks
  • Foreign exchange services
  • The issue and sale of traveler’s checks, money transfers and remittances
  • Sales with prepaid access

A cryptocurrency exchange license in the USA is given either on the national level, validity all through the whole country, or on the individual states level, applicable in those states only. In America, in case the company plans to do a greater amount of activity, a general permit is more suitable.

Which necessities are essential for the MSB ( Money Services Businesses ) to get the license for cryptocurrency exchange in the USA?

To get license for the cryptocurrency exchange, the potential exchangers must:

  • Whether cryptocurrency licenses are offered there in general – the USA offers the right to regulation to state authorities; in the meantime, in New Mexico, South Carolina and Montana, for example, it is not offered for;
  • The essential amount of the authorized capital for the organization is being registered and obtaining
  • the license. This varies from Hawaii to Pennsylvania;
  • The least capital amount for developing and maintaining business. There must be the amount which has been decided by the regulation of USA on beneficiaries’ personal or corporate accounts (however, for example, in Georgia, this requirement does not exist);
  • Whatever profit tax rates ensuing from cryptocurrency operations are reputable in the state and so on.
  • License for cryptocurrency exchange in the USA permits its owners to work with exchange of cryptocurrencies. All applicants intending to offer payment services except crypto exchanges are interested to attain such license.
  • Licensing of cryptocurrency exchange itself is an adequately patient process.

What are the particularities of getting a license for cryptocurrency exchange in the USA?

Documents of licensing of activity connected to cryptocurrency in the US are in the federal structure of the United States. Apart from requirements of the national regulator, almost each state sets its own needs. The final documentations may vary from each other. Therefore, if the crypto exchange aims to offer services on cryptocurrency exchange in various states, its actions will be accountable to licensing in each of these states. For example, New York state needs to get a special license called BitLicense to run activities connected to the cryptocurrency exchange.