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Several states in the USA pushing fintech startups to acquire licenses

            At least seven states in the USA are working together to have fintech startup companies easily obtain licenses so they can legally operate nationwide. This is due to complaints that operating a fintech business in the country is expensive and license applications are often burdensome for startups, a report on February 6 stated.   

USA urging fintech startups to apply for licenses  

            Reports said the state of Washington, Tennessee, Illinois, Georgia, Texas, Massachusetts, and Kansas will assess fintech startup license applicants by determining individual state findings. Fintechs, especially those that provide money and bitcoin transfer services, should be assessed if they are fit to operate in the country. The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) strictly mandates Money Service Business license applications. Money transfer startups are usually required to apply for an additional business license if they are planning to operate nationwide. 

            Conference of State Bank Supervisors’ president, John Ryan stated that other states will find it easy to use the license agreement. Aside from this, the Office of the Comptroller of the Currency is also assisting MSB license applicants. State regulators recently disproved a special bill so that money transfer businesses more easily can have nationwide operations.

           Using fintech services like money transfer services are important to our everyday lives due to the convenience it brings. If you are looking for a reliable way to conveniently send money to your loved ones, there are money transfer services that operate worldwide to cater to your money transfer needs.

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