Published on Jul 31, 2022
Money Transmitter
Author: Sidharth
#Glossary
Money transmitters are entities offering money service businesses (MSB). Any business in the United States doing frequent dealings with cryptocurrency must comply with a money transmitter.
This is because cryptocurrencies are counted as commodities, thus falling under the FinCEN. Businesses dealing with cryptocurrency also fall under BSA (the Bank Secrecy Act). Under this act, every business must obtain licenses from every state they are operating.
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