Sentences with phrase «money transmitters rather»
In fact, to support virtual currency businesses, Coin Center strongly advocates for a federal licensing system for money transmitters rather than the state - by - state licensing that is currently standard.
https://www.ethnews.com/ Not exact matches
In August, a slew of bitcoin companies cut off service to New York rather than apply for a BitLicense, the regulatory hall - pass created by the NYDFS to cover digital - currency business deemed «money transmitters.»
Be aware that «money transmitters» are also highly regulated under each state's laws, many of which require advance licensure; however, because state money transmitting laws are typically aimed at consumer protection rather than anti-money laundering, we do not address the issue of state regulation here other than to note that there is no uniform licensing scheme across the 50 states.
Rather, they added «convertible virtual currency» to existing «money transmitter» statutes, including bitcoin exchange as a form of currency trading.