Licence types · Payments

Money transmitter / MSB

Money transmission and remittance licensing, often per state or province.

Used in the US (state money transmitter licences plus FinCEN MSB registration) and Canada (FINTRAC MSB registration). Requirements such as surety bonds and net worth vary by state.

By jurisdiction

🇺🇸 United States

State money transmitter licences + FinCEN MSB

Regulator: Nationwide Multistate Licensing System (NMLS)
Permitted activities: Money transmission, stored value and (in many states) virtual currency transmission.
Minimum capital: Net worth and surety bond requirements set per state — Verification required.
Ownership, management & substance: State-specific; control persons subject to background checks.
Application procedure: Apply per state, often via NMLS; register with FinCEN as MSB.
Government fees: Per state — Verification required
Indicative timeline: No reliable published estimate
Limitations: Multi-state licensing burden; some firms use sponsor banks or agent-of-payee structures.
Legal basis: State laws; 31 CFR 1022

🇨🇦 Canada

FINTRAC MSB registration

Regulator: FINTRAC (FINTRAC)
Permitted activities: Money transfer, FX dealing, virtual currency dealing.
Minimum capital: No federal capital requirement under MSB registration.
Ownership, management & substance: Foreign MSBs serving Canadians must also register.
Application procedure: Online registration with FINTRAC; Bank of Canada PSP registration under RPAA if applicable; Québec requires separate licence.
Government fees: Verification required
Indicative timeline: No reliable published estimate
Limitations: —
Legal basis: PCMLTFA; RPAA