State money transmitter licence

In the United States, money transmission is licensed state by state. A crypto firm serving customers nationwide may need dozens of separate licences, and states differ on whether and how virtual currency activity is covered. Many states have adopted the Money Transmission Modernization Act, a model law from the Conference of State Bank Supervisors, to make the rules more consistent.

State licences are recorded in the Nationwide Multistate Licensing System (NMLS). For a US counterparty, the useful question is which states have licensed the entity that serves your customers, on top of its FinCEN registration.