Licensing & Permits

Faisal Khan LLC Banking Payments Cryptocurrency Fintech Blockchain Compliance

Montana does not require a money transmitter license, if I register a company there, am I exempt from money transmitter licenses?

You may be exempt from money transmitter licenses only in the state of Montana. Because you have an exemption in the state of Montana, does not mean that you can offer your financial services nationwide. The exemption is only valid for the state of Montana and Montana alone. This means that the transaction must originate …

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Faisal Khan LLC Banking Payments Cryptocurrency Fintech Blockchain Compliance

Is a money transmitter license adequate for launching crypto-related services in the US?

No. In certain US states like New York, for example, a BitLicense is required to trade in Cryptocurrency related services. In addition to the NY Money Transmitter License, you would require an NYDFS issued BitLicense to operate within the crypto domain in the state of New York. Other US states are also slowly putting a …

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Faisal Khan LLC Banking Payments Cryptocurrency Fintech Blockchain Compliance

Do Trust companies provide money transmitter license coverage?

This is widely debated. The short answer is that they can provide limited money transmitter license coverage, for their own products/services and that too in a limited number of US states that recognize the charter of the Trust company in question. For example, if you want to start an over-the-counter bitcoin trading services, OTC services …

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Faisal Khan LLC Banking Payments Cryptocurrency Fintech Blockchain Compliance

What is the difference between an agent and non-agent of an EMI in Europe/UK?

There are a couple of differences between an agent and a non-agent in the European EMI licensing regime. A non-agent for starters is commonly referred to as an operator-led model. Where the operator of the license is handling all the facets of custody of funds, compliance, reporting, etc. The non-agent is essentially responsible for marketing …

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10 Questions every Money Transfer Business should ask themselves

10 Questions every Money Transfer Business should ask themselves?

I did a presentation on this long ago (The original presentation can be downloaded from here: Uberization of Money Transfer: 12 Questions every small and medium, independent money transfer operator should ask themselves). For months I’ve been thinking of doing an updated version of the presentation into an article, so here it is. It is …

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Money Transmitter License Coverage Financials - Faisal Khan and Company

What Financial Institutions will Charge You for USA Regulatory Coverage

Understanding the financials behind Money Transmitter License Coverage in the United States The Process When you submit an application for Money Transmitter License Coverage, your information is collated and then a template is made for circulation amongst various Banks and Non-Banking Financial Institutions. Get Access to Money Transmitter License Coverage Today. Fill out this form, …

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