What is the use of MSB digital currency license
American MSB license is a kind of financial license issued by the U.S. Department of finance. It mainly deals with businesses and companies related to money services, including digital currency, virtual currency transactions, issuance, foreign exchange, international remittance and so on
companies engaged in the above-mentioned related businesses in the United States must apply for MSB license to operate legally. It is also a license that all companies that want to operate digital currency business in the United States must have
extended information:
US MSB is used to supervise the businesses and companies related to currency services, including cross-border remittance, foreign exchange, currency transaction / transfer (including digital currency / virtual currency), ICO issuance, provision of prepaid items and issuance of traveler's checks, etc. Companies engaged in the above-mentioned businesses in the United States must apply for MSB license in order to legally conct business
MSB is the abbreviation of money services business, which belongs to FinCEN (financial crime enforcement agency under the U.S. Department of the Treasury) and belongs to the registration and licensing system. It is necessary to apply for the permission to engage in the business related to money service
provide relevant tax advice according to the operation structure of the exchange; Tax treatment of income or capital gains arising from final liquidation or conversion of digital currency or token received into legal tender; Tax treatment of income or capital gains arising from remuneration for services provided by an exchange
1. Investor recognition
2. Approval (legal operation in the United States)
3. Becoming a first-line platform (MSB license is also a standard license for global digital currency trading institutions), such as Huo coin.
As a blockchain project, license is one of the important compliance documents of the exchange. It is equivalent to a business license. In particular, after Huoyuan won the Japanese license, the US license and applied for the Canadian license, the license was pushed to a new height. Obtaining the US MSB license also means that the company can reasonably conct business in most states of the United States. This is the reason why the major exchanges have started to apply for licenses. If they want to carry out business formally and legally, they have to apply for licenses
the basic process of applying for MSB license in the United States is to provide a company name and director information to register an ordinary company in the United States, and then the American company applies for the MSB license as a regulatory condition, First of all, people in the traditional foreign exchange circle know the importance of the regulatory license of the foreign exchange platform. Even this traditional mode will create a future blockchain trading platform. Therefore, blockchain exchange license is bound to become a trend of development
US MSB license is regulated by FinCEN (financial crime enforcement agency under the US Department of the Treasury), which belongs to the registration license system. It is necessary to apply for the permission to engage in the business related to money service. This is similar to adding one item to China's instrial and commercial registration: capital service business<
Canada's MSB is regulated by Canada's financial transaction and report analysis center, and fintrac is Canada's financial intelligence unit, which was established in 2000. It is an independent body that reports to the Minister of Finance and is responsible for the parliamentary activity center. It is headquartered in Ottawa. It is mainly responsible for collecting, analyzing, evaluating and disclosing relevant information of Canada's financial instry in order to protect Canada's financial stability and security. Similar to CFTC in the United States. Fintrac accepts that financial institutions and intermediaries are mainly responsible for collecting, analyzing, evaluating and disclosing relevant information of Canada's financial instry, so as to protect Canada's financial stability and security
from the above point of view, the regulation of the United States and the United States is similar, there is not much difference. However, from the perspective of regulatory scope, the United States MSB is for all financial instries, that is to say, as long as it is engaged in financial services related instries, it can apply for the United States MSB license, while the regulatory scope of Canada MSB license has a detailed division: digital currency transactions, foreign exchange transactions, transfer remittance business, cashing or selling bills of exchange, traveler's checks, etc
in fact, for digital currency projects, the licenses of both countries are very good choices. Another important point is that the two licenses are one of the few class a licenses that can be applied offshore, which saves a lot of later maintenance costs. At present, there are many projects and exchanges holding the licenses of the two countries at the same time. After all, the compliance operation must be indispensable in the future.
the first thing is to set up a company in the United States, which is no different from our usual process of registering overseas companies, You can register by providing the name and ID card of an American company, and you can have at least one director's information.
secondly, you can start the formal work of applying for a license after completing the company process. You need to provide a passport to apply for a license, which is easy to do. Then you can provide the company's registration certificate and articles of association. If a company with more than one year needs a new annual review document, We will also get the tax number, which is necessary, and the price is very cheap. It doesn't matter. We will do other things about the virtual currency or the exchange on our behalf
it takes four to eight weeks from the beginning to get the license. Normally, one month is OK
covers international remittance, foreign exchange, currency transaction / transfer (including digital currency / virtual currency), ICO issuance, provision of prepaid items, issuance of traveler's checks, etc. Companies engaged in the above-mentioned related businesses in the United States must apply for MSB license to operate legally.
As a blockchain project, license is one of the important compliance documents of the exchange. It is equivalent to a business license. In particular, after Huoyuan won the Japanese license, the US license and applied for the Canadian license, the license was pushed to a new height. Obtaining the US MSB license also means that the company can reasonably conct business in most states of the United States. This is the reason why the major exchanges have started to apply for licenses. If they want to carry out business formally and legally, they have to apply for licenses
business scope of American MSB license: to carry out currency trading and OTC legal currency business of contract futures in ICO exchange
role of American MSB license:
1. American MSB license is famous, packaging platform and good publicity
2
can increase the trust of customers, enhance their visibility, and make the exchange develop better and faster in compliance. Investor recognition
Corporate Law and financial instry regulation in the United States are very perfect. With a U.S. license, your digital currency trading platform will be more recognized by global investors
get authoritative approval
get authoritative approval from the U.S. Treasury Department, you can carry out relevant business in the United States and around the world, that is, on behalf of the compliance supervision of digital currency platform
fire coin, bittrer, poloniex, coinbase, okex, Matcha, WBF, ZG, lbank. All have applied for MSB license in the United States
the basic process of applying for MSB license in the United States is to provide a company name and director information to register an ordinary company in the United States, and then the American company applies for the MSB license as a regulatory condition. The general application cycle is about 2-3 weeks
the role of American MSB license:
1. American MSB license is well-known, packaging platform and good publicity
2
3. It can increase the trust of customers, enhance their visibility, and make the platform develop better and faster in compliance
the basic process of applying for MSB license in the United States is to provide a company name and director information to register an ordinary company in the United States, and then the American company will apply for the MSB license as a regulatory condition
why the license is so important for the trading platform? First of all, people in the traditional foreign exchange circle know the importance of regulatory license for the foreign exchange platform, Even in this way, the traditional mode will create a trading platform in the future. Therefore, the license plate is bound to become a trend of development