US

American licensing is two problems stacked on each other, and most people buying into the market only budget for the first one. FinCEN registration makes you a money services business at federal level, renews every two years, costs almost nothing to file, and grants no permission to operate anywhere, because money transmission is licensed state by state across 49 states and the District of Columbia. Each state license runs USD 30,000 to USD 525,000 or more once you count application fees, legal preparation, surety bonds between USD 25,000 and USD 500,000, and net worth minimums, and takes six to eighteen months, with New York and Massachusetts stretching to two years. Meaningful national coverage costs somewhere between USD 200,000 and several million. Which is why Montana keeps showing up in these listings. It remains the one state with no money transmitter licensing regime at all, a position the state briefly wobbled on in 2023 and then abandoned, so a Montana-registered MSB carries the federal registration without the state application behind it. That works for businesses serving customers outside the US or operating in the narrow lane where state licensing is not triggered, and it does nothing for a firm that wants New York, California and Texas. Federal policy is moving too, with the GENIUS Act rulemaking on payment stablecoins out for comment through 2026, so anyone acquiring a US entity now should be clear about whether the plan is a national build or a jurisdictionally light structure.

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Frequently Asked Questions (FAQ)

What license do you need to run a crypto business in the US? +

FinCEN registration as a money services business at federal level, plus a money transmitter license in each state where you serve customers. Some crypto models fall outside state money transmission, and New York adds its own BitLicense or limited purpose trust charter on top.

Does FinCEN registration let you operate? +

No. FinCEN registration is an anti-money-laundering filing that puts you on the federal register and brings reporting, recordkeeping and program obligations. Operating authority comes from the states, and treating the federal registration as a license is the most common way foreign operators get themselves into trouble.

Why do so many crypto companies register in Montana? +

Montana has no money transmitter licensing regime, so a Montana entity can hold federal MSB registration without a state application, bond, or net worth requirement behind it. The state floated additional requirements in March 2023 and withdrew them, and as of 2026 it remains license-free for money transmission.

Does a Montana MSB let you serve customers in other states? +

No. Serving customers in a licensing state triggers that state's requirements regardless of where you are incorporated. Montana structures suit businesses serving clients outside the US or operating models that do not constitute money transmission, and they are not a national shortcut.

How much does a US money transmitter license cost per state? +

Between USD 30,000 and USD 525,000 or more per state, driven by surety bonds of USD 25,000 to USD 500,000, net worth minimums, legal preparation of USD 25,000 to USD 45,000, and application fees. Multi-state coverage that reaches most of the population starts around USD 200,000 and climbs into the millions.

How long does state licensing take? +

Six to eighteen months per state for a standard application, and twelve to twenty-four months for New York and Massachusetts. States that have adopted the Money Transmission Modernization Act have made the paperwork more consistent, which helps with preparation and does not speed up the review much.

How often does FinCEN registration renew? +

Every two years, and the renewal is easy to miss because nothing prompts you. An expired registration puts the business outside federal AML compliance while it continues operating, which is a bad place to be discovered.

What should you check before buying a US MSB? +

Whether the FinCEN registration is current and when it renews, whether the entity ever held state licenses and what condition they are in, whether there is any regulatory or enforcement history, and whether the AML program and independent review exist on paper and in practice. A clean never-used entity and a lightly used one are priced differently for good reason.