RUEN

Crypto licensing in the USA

  • Who it suitsExchanges, custodians, wallets and payment services that serve US customers
  • Federal stepFinCEN registration as a money services business, within 180 days after the business is established
  • State stepSeparate licences from state regulators, and a BitLicense in New York

There is no single crypto licence in the USA. A business first registers with FinCEN as a money services business, then obtains state licences where its customers live, and checks whether securities or commodities law also applies. Federal registration is not a licence and does not replace the state ones. We map the layers for your model, prepare the filings and plan the order of the work. Our article on SEC regulation of crypto assets covers the securities side.

What clients come to us with

  • You plan to serve US customers and want to know which regulators are involved
  • You are a foreign company and need to know who your US agent should be
  • You are deciding which states to enter first
  • You need the New York route and want to compare a BitLicense with a trust charter
  • You want to know whether your token or service raises securities questions

How the process works

1
Mapping the layers
Administrators and exchangers of convertible virtual currency are treated as money transmitters under FinCEN guidance, while ordinary users are not. We test your model against that guidance, against state rules and against securities law before any filing.
What you getA regulatory map with a filing order
2
FinCEN registration
You file FinCEN Form 107 through BSA E-Filing, one form per business, within 180 days after the business is established. A foreign business names a US resident agent and a US location for its records. Registration is renewed every two years and repeated within 180 days after certain ownership changes. Records are kept for five years.
What you getA registered business and a renewal calendar
3
State licences
Money transmitter licences come from state regulators and are usually filed through the NMLS system. Each state has its own capital, bonding and management rules, and many states are adopting a model law for money transmission. We prepare one core package and adapt it state by state.
What you getA state-by-state application plan
4
New York BitLicense
Virtual currency business activity involving New York or New Yorkers needs a BitLicense under 23 NYCRR Part 200, filed through NMLS, with capital and a surety bond or trust account of generally at least USD 500,000. A BitLicense does not replace a New York money transmitter licence, and a limited purpose trust company charter is an alternative.
What you getA New York route chosen and filed
5
Securities and commodities check
Some tokens and services fall under securities or commodities law, which brings registration or exemption questions. We assess this before launch.
What you getA written view on securities risk

What to check before applying

Penalties for operating unregistered

FinCEN registration is required whether or not a state licenses the business. Failure to register carries civil penalties per violation and possible criminal liability.

ResultA launch plan that starts only when the filings are in place
Banking and compliance

Banks ask for evidence of registration and licences. We prepare the compliance programme and the file for the bank in parallel. See our pricing and company registration in the USA.

ResultA compliance file ready for the bank

Questions

Is FinCEN registration a licence?

No. It is a federal registration. States license money transmission separately.

Do we need a US company?

A foreign business must name a US resident agent. Whether to form a US company depends on the states and the bank, and we advise on it.

Do we need a licence in every state?

Usually you need one in each state where you serve customers, unless an exemption applies. Starting with a few states is common.

Is the BitLicense required for everyone?

For virtual currency business activity involving New York. Merchants who only accept crypto for goods and consumers investing for themselves are outside it.

Sources5 documents

Want to get licensed in the USA?

We are ready to help. Tell us about your project and we will reply within one business day.

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