RE:US money transmitter licensesSo lscfa, you think Andre Itwaru is a twit?
Lmao.
Buddy, your reputation is in tatters on this forum.
Even when you say something meaningful it means nothing coz of all the interspersed retarded comments.
So you think it's easy huh?
The cost for becoming a licensed money transmitter in all 53 states and territories with individual licensing requirements is approximately $176,226.
[4] This would be the cost for all cumulative fees in the various states including: surety bond fees, application fees, licensing fees, investigative fees, and other misc. fees required for individual state licensing. Furthermore, to maintain renewal fees and bond fees as required for money transmitter licensing in various states, the estimated yearly expense to be paid after initial licensing is $136,855.
[5]Not all states require licensing for companies which do not maintain a physical location in the state, however, even with the removal of fees for those states, the cost is still quite overbearing.
After FinCEN’s March 18, 2013 Guidance release, one of the most popular Virtual World Creators, Linden Research, Inc., d/b/a Linden Lab, still took nine months to complete registration with FinCEN as an MSB.
[6] One can imagine how long it would take an MSB to obtain appropriate money transmitter licensing for all states requiring licensing; assuming that registering with just one entity, FinCEN, takes 9 months. Currently, companies such as PayPal and other big players in the money services business are registered in a majority of states. However, companies like PayPal have been around for quite some time and have the profit margin and workforce to keep up with such licensing requirements.