MSB, the first compliance license CoinTR has received, means we are soaring on the path of globalization, specialization and diversification. If you would like to learn more about MSB, take a look at our article.
What is MSB?
MSB is short for Money Services Business, which is under the jurisdiction of FinCEN (Financial Crimes Enforcement Bureau, an agency of the U.S. Department of the Treasury) and is registered under a licensing system. The license is required for any business related to money services, and the "managers" (e.g. asset issuers) and "exchangers" (e.g. exchanges) of digital assets that provide services to U.S. citizens are MSBs under the U.S. Bank Secrecy Act (BSA). FinCEN registration is required within 180 days of commencement of business.
The U.S. Treasury Department and the SEC had clearly emphasized in March 2018 that the crypto exchanges and their managers, who are engaged in business related to digital assets within the U.S., must register for an MSB license with FinCEN. CoinTR's acquisition of an MSB license proves that the platform itself is overqualified and can be regulated by the authority.
Advantages of obtaining an MSB license
Investor recognition
The U.S. has a well-established mechanism for corporate law and regulation of the financial industry. Having a US license will make the digital currency trading platform more recognized by global investors.
Authoritative Approval
Receiving authoritative approval from the U.S. Treasury Department allows you to conduct related business in the U.S. and globally, which means the digital currency platforms are under complicance supervision.
Become a first-tier platform
MSB license is also the standard license for global digital currency trading institutions, and platforms such as Coinbase and Huobi hold this license for their operations.
Diversified Services
The MSB license allows currency exchange and delivery services, allowing platforms to better meet customer needs and provide more diversified services.
The emergence of licenses has made the buying and selling of digital currencies legal and regulated one after another. Countries are also actively exploring the road to compliance, making trade and investment truly borderless and making finance itself easier and more convenient. Register with CoinTR today and become a new generation investor.