USA crypto license
Last Update: 12.11.2025
Obtaining a U.S. crypto license provides access to the world’s largest market and strengthens trust among investors and banks. Regulation operates on two levels: federal registration with FinCEN as an MSB and state licensing, including the New York BitLicense and the California DFAL (effective July 2026).
Gofaizen & Sherle provides end-to-end support—market-entry strategy, document preparation, interaction with regulators, and implementation of compliance processes. This approach enables companies to reduce risks, speed up licensing, and begin operations in full compliance with U.S. law.
A crypto license is the key to lawful and sustainable operations in the U.S. digital asset market—the largest in the world. It confirms that the company adheres to strict standards for AML/KYC, client protection, and financial transparency. The United States has no single national license; regulation is based on a two-tier system. At the federal level, registration with FinCEN as a Money Services Business (MSB) is required, and at the state level, separate licenses, including the Money Transmitter License, the stringent New York BitLicense, and the new California DFAL, which takes effect in July 2026.
A cryptocurrency exchange license in the U.S. is required for a broad range of businesses related to digital assets:
- cryptocurrency exchanges and swap platforms;
- custodial wallets and payment services;
- brokerage and OTC venues;
- operators of cryptocurrency ATMs;
- services for the custody and transfer of assets, including certain DeFi models.
Obtaining such a license not only ensures legal compliance but also opens new opportunities: access to U.S. banks, cooperation with institutional investors, and increased trust from clients and partners. In a landscape where the United States sets global regulatory standards, holding a license becomes a competitive advantage and a signal of stability for businesses planning international growth.
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Advantages of a USA Crypto License
Obtaining a U.S. crypto license is considered as a prerequisite for legally conducting activities within the United States. Such a license confirms compliance with the requirements of federal and state regulators, provides access to financial infrastructure, and forms the basis for the long-term, sustainable operation of a cryptocurrency business.
Access to the largest financial market
The license opens direct access to the world’s most developed financial ecosystem. This enables engagement with active retail investors and major institutional players, creating steady demand and long-term prospects.
Trust of institutional investors
Regulated status confirms adherence to strict requirements and operational standards. This makes a company a reliable partner for funds, banks, and fintech corporations that work only with licensed organizations.
Leadership and innovation
The U.S. remains a hub for Web3 and DeFi. Licensed presence allows participation in an innovative environment and the launch of new products with the necessary legitimacy and scalability.
Ability to operate nationwide
The system of federal and state licenses provides businesses with the framework to scale nationwide. Each license opens access to a new market, while federal compliance provides a unified legal foundation.
Legal clarity and protection
A license creates clear parameters for operations, reducing the risk of fines and restrictions from regulators. For clients, it signals that the company operates within the legal framework and deserves trust.
Access to financial services and partnerships
Regulated status opens opportunities for cooperation with banks, payment systems, and insurance companies. This ensures reliable fiat channels, secure custody solutions, and stable partnerships.
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Features of Obtaining a Crypto License in the USA
Obtaining a сrypto license in the U.S. is not a single process but a sequence of steps at the federal and state levels. First, the business must register with FinCEN as a Money Services Business (MSB), which is regulated by the Bank Secrecy Act and is accompanied by mandatory AML/KYC procedures. Then the company applies for state licenses—standard Money Transmitter Licenses or specialized regimes such as the New York BitLicense.
The MTL applies to companies and organizations that engage in money transmission and related services. It covers:
- providing money transfer services both within the U.S. and abroad;
- conducting foreign exchange operations;
- processing bank and postal money orders;
- currency exchange for amounts over US$1,000;
- issuing and selling traveler’s checks or similar payment instruments.
Key features:
- Two-tier system
Federal MSB registration and state licenses. - Different timelines
Federal registration takes several weeks; state licenses are issued in 6 to 18 months. - Strict compliance requirements
Mandatory AML/KYC policies, internal controls, and regular reporting. - Verification of financial soundness
Capital, surety bond, reputation, and management experience. - Ongoing obligations
License renewals, filings, and adherence to new rules.
Obtaining a U.S. cryptocurrency exchange license requires significant effort and resources. But the result is lawful access to the world’s largest market, legal protection for the business, and trust from investors and financial institutions.
Regulation of cryptocurrency in the United States
For a long time, cryptocurrencies in the U.S. were regulated in a fragmented manner. Different agencies tried to apply legacy norms, such as securities, commodities, or money transmission laws. As a result, companies faced contradictions and the market remained in a zone of legal uncertainty.
By 2025, the regulatory landscape had changed. The SEC announced a reform of rules for digital assets, focusing on criteria by which tokens may qualify as securities. Adoption of the GENIUS Act established new standards for stablecoins—mandatory reserves and transparent reporting. At the same time, the Department of Justice shifted its emphasis from pressure on crypto platforms to the investigation of financial crimes. These steps marked a transition from a fragmented approach to a more structured regulatory system.
Two-tier model of regulating cryptocurrency companies in the U.S.
Cryptocurrency regulation in the U.S. operates at two levels—federal and state.
- Federal level. The primary instrument remains the Bank Secrecy Act (BSA). It requires companies to register with FinCEN as a Money Services Business (MSB). Such registration entails implementing an anti–money laundering program, conducting KYC procedures, and regular reporting.
- State level. Separate licenses operate here. The best-known example is the New York BitLicense, codified in 23 NYCRR Part 200 and issued by NYDFS. It covers exchange, custody, and token issuance and is considered among the strictest regimes. In California, the Digital Financial Assets Law (DFAL) has been adopted, with implementation postponed to July 1, 2026 (DFPI). DFAL imposes more detailed requirements: protection of client assets, expanded accounting rules, and reporting transparency. Nearly all other states require a Money Transmitter License (MTL), which entails minimum capital, a surety bond, and internal control programs.
Accordingly, a U.S. crypto license is not a single document but rather a combination of federal registration and state-level licenses. It is necessary for crypto exchanges, swap services, custodial wallet operators, payment systems with crypto–fiat conversion, cryptocurrency ATMs, and even some DeFi platforms.
Federal regulators
FinCEN — MSB registration, AML/KYC.
SEC — regulation of digital assets as securities.
CFTC — oversight of cryptocurrencies as commodities and derivatives.
OFAC — sanctions compliance.
IRS — taxation of cryptocurrencies as property.
DOJ — investigations and prosecution of financial crimes.
Regulatory framework
U.S. crypto regulation consists of a combination of existing norms and new initiatives:
- Bank Secrecy Act (BSA) — AML/KYC and MSB registration.
- Securities Act of 1933 and Exchange Act of 1934 — regulation of tokens classified as securities.
- Commodity Exchange Act — cryptocurrencies as commodities and their derivatives.
- GENIUS Act (2025) — regulation of stablecoins.
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The difference between a Money Service Business (MSB) and a Money Transmitter License (MTL)
MSB (Money Services Business) and MTL (Money Transmitter License) are often mentioned together but serve different functions in regulation. MSB is federal registration with FinCEN that confirms the business falls within the financial services category. MTL is a specific state license without which it is impossible to lawfully transmit money or convert crypto–fiat within that jurisdiction.
Although both concepts relate to the regulation of financial services in the U.S., MSB reflects a company’s federal status, while MTL determines its right to operate in a particular state. Below is a comparison of key characteristics:
| MSB | MTL | |
|---|---|---|
| Level of regulation | Federal | State |
| Issuing authority | FinCEN (Financial Crimes Enforcement Network) | The state’s Department of Financial/Banking Services |
| Geographic scope | Applies throughout the United States | Only within the specific state |
| Purpose | Classification of the business as a financial services provider | License for lawful money transmission in the state |
| What it covers | Funds transfers, currency exchange, virtual asset operations, issuance of checks | Transmission of monetary value, crypto–fiat operations, custodial-wallet functions |
| Core requirements | Registration with FinCEN, AML/KYC program, regular reporting | Minimum capital, surety bond, management vetting, state-specific reporting |
| Example | Any company that deals with transferring or holding digital assets must register | A crypto exchange operating in New York or California must obtain an MTL in those states |
Registration as an MSB by itself does not grant the right to conduct transactions in specific states; for that, state MTLs are required. Conversely, having an MTL in a state does not exempt a company from federal registration. Therefore, crypto exchanges, custodial wallets, or swap services need a combination:
MSB as the federal framework + MTL as access to individual regional markets.
This is precisely what makes the U.S. regulatory framework complex yet well-structured.
Requirements for a crypto license in the USA
Obtaining a Cryptocurrency License in the USA entails meeting a range of formal and practical criteria. These requirements form the basis of market trust and open access to the U.S. financial system.
- Establish a legal entity in the U.S. and register as an MSB with FinCEN.
- Develop and implement programs for anti–money-laundering, customer identification, and transaction monitoring.
- Maintain minimum capital, provide a surety bond, and confirm liquidity.
- Business plan, financial statements, information about founders and management, and a transparent ownership structure.
- Protection of client funds, data retention, internal control, and audit.
- Open an account with a regulated bank or through a financial partner.
- Obtain MTLs or specialized permissions (e.g., the New York BitLicense or California DFAL) depending on operating geography.
- Meet requirements for reporting, license renewals, and examinations.
For companies planning exchange or custodial activities, compliance with these standards is the key to obtaining a U.S. cryptocurrency exchange license and operating in the largest financial market.
The process of obtaining a Crypto License in the USA
Obtaining a U.S. crypto license is a multi-stage process that requires transparency, financial stability, and strict client-protection standards. Below is a step-by-step guide:
Determine license and jurisdiction
Step 1
First, define the license package. This may include federal MSB registration via FinCEN and state licenses—an MTL or the New York BitLicense. The choice depends on the business model and geographic footprint.
Register with FinCEN as an MSB
Step 2
File FinCEN Form 107 and obtain MSB status through the BSA E-Filing System. Registration is accompanied by appointing an AML officer and describing compliance procedures.
Document preparation
Step 3
Required: formation documents, business plan, financial statements, information on shareholders and management, AML/KYC policies, a description of IT security systems, and, if necessary, insurance policies.
Financial safeguards
Step 4
Minimum capital requirements depend on the state.
- In California, indicative figures are being discussed under DFAL, but final amounts will be known closer to the law’s effective date (July 1, 2026).
- In New York, requirements are more specific: minimum capital and security in the form of a surety bond or deposit can reach US$500,000. Without meeting these criteria, licensing is unlikely.
Banking infrastructure
Step 5
Maintaining a U.S. bank account or partnering with a licensed financial institution is mandatory. This confirms the legitimacy of sources of funds and enables fiat operations.
State-level filing
Step 6
The application is submitted to the respective state financial department (e.g., NYDFS or DFPI). It is accompanied by documents evidencing financial soundness, governance, and compliance.
Review and examination
Step 7
Regulators review reports, conduct background checks on executives and shareholders, and analyze AML/KYC systems and IT security. Review timelines range from several months to over a year, depending on the jurisdiction and the complexity of the application.
License issuance and ongoing obligations
Step 8
After approval, the company must regularly update information, file reports, and confirm compliance. Breaches may lead to fines or license revocation.
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Taxation
In the U.S., cryptocurrencies are treated as property for tax purposes, which means that every time they are disposed of (sale, exchange, spending), a tax obligation arises. However, not all transactions are taxed the same. The rate depends on the type of income, holding period, and overall profitability of the company or individual.
Key aspects of taxation
Capital gains:
- Short-term (less than one year) are taxed as ordinary income at 10% to 37%.
- Long-term (more than one year) at rates of 0%, 15%, or 20%, depending on income level.
Operating income:
Mining, staking, airdrops, or receiving cryptocurrency for services are taxed as ordinary income at rates up to 37%.
Corporate tax:
Profits of crypto companies operating through a corporation are taxed at about 21%, plus possible state taxes.
State taxation:
In addition to federal taxes, companies with a crypto license must account for state and local rates, which depend on the jurisdiction.
| Type of income / transaction | Federal tax rate | Additional factors |
| Short-term gain (less than 1 year) | 10–37% (ordinary income) | depends on income and filing status |
| Long-term gain (more than 1 year) | 0–20% | lower rates for lower income brackets |
| Mining / staking / airdrops income, etc. | Ordinary income (10–37%) | rate depends on overall profit |
| Corporate profit | ≈ 21% | plus state tax if the corporation is registered in a taxing state |
Consequences of Violating FinCEN Rules
For companies seeking a cryptocurrency exchange license in the U.S., failure to comply with FinCEN requirements (BSA/AML, MSB registration, KYC, reporting, and recordkeeping) leads to serious legal and financial risks.
1. Civil measures
- Monetary penalties are calculated “per violation/per day” and can reach tens or hundreds of millions in major cases.
- Enhanced directives. Mandatory remediation plans, heightened reporting, and restrictions on certain operations.
- Appointment of an external compliance monitor for several years with regular examinations.
2. Criminal risks
- Liability for willfulness. If intentional violations are identified, BSA charges are possible (including money laundering and operating without MSB status).
- Imprisonment and fines. Responsible individuals face actual prison terms and personal fines; companies face parallel civil penalties.
3. Licensing and market access
- Denial or revocation of licenses. State regulators and federal agencies take violation history into account when issuing and renewing authorizations; existing MTL/BitLicense and the future U.S. cryptocurrency exchange license are at risk.
- Banks and payment partners may limit or terminate services if violations are detected.
4. Reputation and civil litigation
- Public enforcement. FinCEN actions quickly become known to the market, undermining customer and counterparty trust.
- Private claims. Clients and partners may bring civil actions (damages, unfair practices, etc.).
Conclusion
U.S. cryptocurrency regulation combines federal and state rules. Companies must register as MSBs with FinCEN, implement AML/KYC programs, and comply with the BSA. Additional state licenses apply. Securities and commodities laws also play a significant role in the operations of crypto companies, and the GENIUS Act introduced strict standards for stablecoins. Non-compliance may result in multi-million-dollar fines, criminal investigations, and loss of access to financial services.
Gofaizen & Sherle helps businesses navigate these rules, prepares documents, and builds compliance to minimize risks, accelerate entry into the U.S. market, and obtain a U.S. crypto license.
FAQ about U.S. crypto license
What is a crypto license in the US and why is it needed?
A USA crypto license is a permit for conducting crypto activities that includes MSB registration with FinCEN and state licenses. It confirms the legality of operations, provides access to banking, and builds investor trust.
Is there a single crypto license for all states?
There is no single U.S. crypto license. Every company must complete federal registration and additionally obtain licenses in specific states.
What is the difference between FinCEN MSB and State MTL?
Crypto license in the USA begins with federal MSB registration through FinCEN. It applies nationwide, whereas an MTL is issued at the state level and authorizes specific crypto and fiat operations within that jurisdiction.
What are the main requirements for obtaining a license?
To obtain a crypto license, you must register as an MSB with FinCEN, develop an AML/KYC program, confirm minimum capital and a surety bond, provide a business plan and reports, and secure licenses in selected U.S. states.
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