MSB License and its permission

Published:
August 19, 2021
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MSB is a virtual currency exchange. Financial permission is used for supervising firms involved in exchange activities, including cross-border financial transfers, currency exchange, (including digital currencies/virtual currencies), ICO issuance, provision of prepaid goods, issuing traveller’s checks, etc. Organizations involved in the aforementioned related deals have to apply for MSB authorization for conducting activities legally. On the ELI Deal service, you can familiarize yourself with multiple offers for current MSB license sales in different jurisdictions. Buying a ready solution will help you significantly save your own resources and get started as soon as possible.

MSB license Essence and Registration Requests

MSBs and licensing deals are essential to exchanges. Ability getting official licenses in the respective countries reflects the political power and authority of the exchange itself. Licenses are very useful for ongoing transactions. It is also a natural shielding barrier. For users, compliance is a big plus, which means that users’ investments will be protected by law.

Who needs a permission?

The country’s authorities have put forward their own set of guidelines that remittance intermediaries must comply with. Such license is needed for you if you provide services for:

  • processing money transfers;
  • issuing a traveler’s check (a payment document with characteristics of security);
  • digital currency exchange.

MSB license applicants must pass verification steps. Demands may vary. You need passing through the following stages.

Application investigation

  • Countries are taking measures for checking and analyzing financial component. In addition, regulator is studying data about officers, directors, etc.

Business verification

  • Authorities have the right to conduct commercial activities due diligence. The examination process includes the same steps:
  • verification when submitting an application;
  • reviewing business operations data, financial position, nature of licensee’s activities.

To get MSB license, it is worth considering supervisory authority demands of jurisdiction where you want to conduct activities. Applicant, in addition to filling out a special form, must pass a special test – if a company submits an application, then such a test applies to directors and shareholders, in particular, they must not have a criminal record, must not be previously declared bankrupt, must have experience in this area and etc. In general practice, this is checked on the basis of the documents provided by the applicant (resume, recommendations, certificates of no criminal record, etc.).

Eli Deal’s service team has extensive experience in applying for an MSB license to help clients meet commercial norms, comply with applicable acts and develop effective compliance plan for your activities needs. If you are interested in a company with a crypto license, then look at our other offers.

If you are interested in ready-made MSB, please see our offers below:

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