From Reason.com -
Let’s say you want to start a Bitcoin company in the U.S., chances are you’re going to need a Money Transmitter License, or rather 51 of them, because 47 states three territories and the District of Columbia each have their own permitting process for any business that handles money on behalf of its customers.
“Let’s say you want to start a Bitcoin company in the U.S., chances are you’re going to need a Money Transmitter License, or rather 51 of them, because 47 states three territories and the District of Columbia each have their own permitting process for any business that handles money on behalf of its customers.
This regulatory maze is thwarting the plans of many Bitcoin startups.
"Some [of our] applications have been in for over a year, and we're not able to determine the path forward because it's not a clear process," says Megan Burton, CEO of the Bitcoin exchange firm CoinX, at a May 16, 2014 public hearing of the Conference of State Bank Supervisors' Emerging Payments Task Force.”
Read more>>