Money Services Business
In financial regulation money services business includes any person doing business in one or more of the following capacities:
- Currency dealer or exchange making.
- Check cashier.
- Issuer of checks, money orders or stored value.
Crypto exchanges are regulated as money services business in the United States, not as brokers. Money service business regulation is far less restrictive than the regulation applied to market makers or brokers, is very state-by-state based in terms of enforcement, and often only involves compliance with high-level FinCEN guidelines on AML and KYC checks on transmission of stored value.
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- Cristina Cuervo, Anastasiia Morozova. 2020. ‘Regulation of Crypto Assets’. International Monetary Fund. https://www.imf.org/en/Publications/fintech-notes/Issues/2020/01/09/Regulation-of-Crypto-Assets-48810.
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- Yeung, Karen. 2019. ‘Regulation by Blockchain: The Emerging Battle for Supremacy between the Code of Law and Code as Law’. Modern Law Review 82 (2): 207–39. https://doi.org/10.1111/1468-2230.12399.