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U.S. cryptocurrency exchange license

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Obtaining a cryptocurrency exchange license in the USA in 2020

Advantages of ordering a license for cryptocurrency activities in this jurisdiction:

  • One of the world's leading countries;
  • A favorable environment for the launch of FinTech startups;
  • Cryptocurrency activities are regulated in most US states;
  • Obtaining a Money Transmitter license allows you to conduct 7 different types of activities;
  • There are states with relatively low state fee rates (Idaho, Kansas, Missouri, Delaware).
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An online digital currency exchange service is an electronic version of a currency exchange in which, in addition to conventional currencies, such as USD or EURO, a virtual money such as bitcoin is used.

Ordinary or real money, also, known as fiat money and are used in this case as payment for vital money. For example, you have one bitcoin, you sell it on the online digital currency exchange service and get real USD. In this case, you can put USD into your bank account by indicating its number in the electronic exchanger.

It is possible to open a business with the service indicated above. But, unfortunately, not all countries are ready to provide licenses for this type of activity.

For foreign exchange activities, you can choose a jurisdiction such as the United States. It is profitable to register a cryptocurrency exchange in the USA, as in the homeland of startups. This decision provides some opportunities for regulating exchange and foreign exchange activities.

In most US states, for activities related to cryptocurrencies, include for exchange operations, you will need an appropriate license.

A US regulator called FinCEN is responsible for issuing financial licenses in the United States. The regulator is engaged in issuing licenses under the name Money Transmitter License.

Money Transmitter License USA provides 7 types of activities:
  • DA dealing in a foreign currency;
  • A verification of identity;
  • The issuer or seller of traveler's checks or money orders;
  • A prepaid access provider;
  • A money transmitter;
  • The US Postal Service;
  • A prepaid access seller.

Laws of different states are different and therefore the regulation is different. If you want to work in the USA, you will need to obtain licenses in all 53 states/territories of the USA. The state license fee for all states will be USD 176,226. You will also incur an annual cost of government payments of $136,855. Legal fees are not included in the above tariffs.

If you want to open a cryptocurrency exchange in the USA, but work outside the USA, you will need a license of only 1 state. You will need a license in order to open US accounts for the company.

We suggest considering the states with the lowest tax rates, since taxes are one of the leading criteria for choosing a jurisdiction.

The following is information on US state fees.

IQD Consulting provide a full information on the state fees of each state of the USA.

Please note, that some states do not have this license. If you are conducting business outside the United States, we do not recommend setting up a company in one of these states, since opening a US bank account for exchanging cryptocurrencies is quite difficult in principle, and almost impossible without a license.

Read also:

IQD Consulting lawyers provide a full range of legal services for the preparation of necessary documents for obtaining a license in the United States. We, also, offer our clients support in writing a business plan. If you decide to apply for a cryptocurrency exchange license in the USA, you can open an account with a US bank for your business with the help of IQD Consulting lawyers. Our specialists are available at any time convenient for you. You can find contacts on our site.

US state fees

A state

A minimum capital

A minimum capital for business development

State duties

Alabama

$ 50 000

$ 5 000

$ 750

Alaska

$ 25 000

$ 25 000

$ 1,500

Arizona

$ 25 000

$ 100 000

$ 2,025

Arkansas

$ 50 000

$ 250 000

$ 3,000

California

$ 250 000

a minimum tax

$ 5,500

Colorado

$ 250 000

$ 50 000

$ 6,250

Connecticut

$ 300 000

$ 500 000

$ 5,375

Delaware

$ 25 000

$ 100 000

$ 902,50

Washington

$ 50 000

$ 100 000

$ 1,000

Florida

$ 50 000

$ 100 000

$ 1,170

Georgia

$ 50 000

not required

$ 3,295

Hawaii

$ 1000

$ 1000

$ 4,000

Idaho

$ 10 000

$ 50 000

$ 200

Illinois

$ 100 000

$ 35 000

$ 310

Indiana

$ 200 000

$ 100 000

$ 1,600

Iowa

$ 50 000

$ 100 000

$ 2,000

Kansas

$ 200 000

$ 250 000

$ 200

Kentucky

$ 500 000

$ 500 000

$ 1,450

Louisiana

$ 25 000

$ 100 000

individually

Men

$ 100 000

$ 100 000

$ 550

Maryland

$ 150 000

$ 150 000

$ 5,170

Massachusetts

$ 50 000

individually

individually

Michigan

$ 500 000

$ 100 000

$ 5,600

Minnesota

$ 25 000

$ 25 000

$ 6,650

Mississippi

$ 25 000

$ 25 000

$ 1,200

Missouri

$ 100 000

a minimum tax

$ 250

Montana

Not regulated

Nebraska

$ 100 000

$ 50 000

$ 1,250

Nevada

$ 10 000

$ 100 000

$ 975

New Hampshire

$ 100 000

Amt Daily Avg T

$ 1,056

New Jersey

$ 100 000

$ 50 000

individually

New Mexico

Not regulated

NY

$ 500 000

a minimum tax

individually

North Carolina

$ 150 000

$ 100 000

individually

North Dakota

$ 150 000

$ 100 000

$ 1,500

Ohio

$ 300 000

$ 500 000

individually

Oklahoma

$ 50 000

$ 275 000

$ 7,000

Oregon

$ 25 000

$ 100 000

$ 1,500

Pennsylvania

$ 1 000 000

$ 500 000

$ 1,300

Puerto rico

$ 250 000

$ 500 000

individually

Rhode Island

$ 50 000

$ 50 000

$ 1,100

South Carolina

Not regulated

Not regulated

Not regulated

South Dakota

$ 100 000

$ 100 000

$ 2,300

Tennessee

$ 50 000

$ 100 000

$ 400

Texas

$ 300 000

$ 100 000

$ 4,000

Utah

$ 50 000

$ 1 000 000

$ 200

Vermont

$ 100 000

$ 100 000

$ 2,025

Virginia

$ 25 000

$ 200 000

$ 1,750

Virgin Islands

No exact information

Washington

$ 10 000

$ 1000

$ 2,015

West Virginia

$ 300 000

$ 50 000

$ 1,250

Wisconsin

$ 10 000

$ 100 000

$ 1,600

Wyoming

$ 10 000

$ 25 000

$ 3,000

  • The information outlined in the article is actual at the time of its publication.
  • Please refer to our specialists for checking possible solutions for your business.
  • Still have any questions?

    Fill out the form or contact us as you find convenient. Our experts will help you resolve the issue.

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