If you are engaged in any of the following activities, you are essentially classified as a money services business and as such, you need to be licensed as a money transmitter in each respective state that you are doing business:
- Debt Management/Credit Counseling
- Electronic money transmitting
- Issuing traveler’s checks
- Selling Traveler’s checks
- Issuing money orders
- Selling money orders
- Bill payment
- Issuing and/or selling drafts
- Transporting currency
- Issuing prepaid access/stored value
- Selling prepaid access/stored value
- Foreign currency dealing or exchanging
- Virtual currency exchanging and trading services
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This page was last updated on May 31, 2023.
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