Sentences with phrase «money transmission licensing»
Says CEO Jered Kenna: «Due to increasing regulation TradeHill can not operate in it's current capacity without proper money transmission licensing.
https://www.finextra.com/
Instead, Coin Center hopes to get a money transmission licensing standard passed at the federal level.
The law provides no exemption from traditional money transmission licensing and no onramp for small businesses.
Moreover, many of these businesses could not be used for money laundering because they do not hold customer funds, yet they could still be required to obtain a money transmission license.
In some states, it can be very resource - intensive to obtain a money transmission license (e.g. New York).
Not exact matches
The mobile - payment processor has lost another regulatory fight, this time in Florida, where it agreed to pay a $ 507,000 fine to settle charges it operated in that state without a money - transmission license.
The mobile - payment processor has been fined by yet another state for operating without a money - transmission license though it doesn't actually transmit money.
For example, certain jurisdictions in the United States require a license to offer money transmission services, such as our peer - to - peer payments product, Square Cash, and we maintain a license in each of those jurisdictions.
In addition, the group contended that the licensing requirements set forth by the ULC are «reasonable» and would resolve uncertainties that currently exist with states that have already adopted money transmission and virtual currency licensing laws.
The US government insists that any business exchanging cryptocurrency with US customers must be licensed as a «money services business» on the grounds that it could be used for funds transmission and thereby (like a bank) for «money laundering.»
USD wallets can only be used in states that are licensed to engage in money transmission.
Coinbase Exchange is not licensed to operate in California under existing money transmission laws, the California Department of Business Oversight (DBO) has reportedly stated.
The Act aims to spell out which virtual currency activities are money transmission businesses, and what type of license they would require.
In June 2015, Gov. Dannel Malloy signed into law HB 6800 which amends Connecticut's Money Transmission Act by requiring any businesses that transmit virtual currency to obtain a license from the Department of Banking.
In fact, Coinbase is currently licensed to engage in money transmission in thirty - eight U.S. jurisdictions and we submitted a comprehensive application for licensure in Hawaii way back in 2014.»
Money transmission businesses must obtain a license from the Superintendent of the Office of Banking and Financial Institutions of the District of Columbia.
According to the Coinbase Legal Team, «the Hawaii Division of Financial Institutions (DFI) has stated that digital currency businesses operating in Hawaii are required to be licensed under the state's Money Transmission Act.