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 a NYDFS issued BitLicense to operate within the crypto domain in the state of New York.

Other US states are also slowly putting a fence around crypto related activities in their state. It is expected that most US States will require some form of additional licensing in the near future, when you apply for a money transmitter license from them. Whether it is embedded within the license or as an added extension, remains to be seen, however, with strict guidance coming from the Department of Treasury to regulate crypto, it is only a matter of time that additional licensing would be required for crypto related activities.

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This page was last updated on January 26, 2023.

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