What are the requirements for obtaining a New Jersey money transmitter license for cryptocurrency businesses?

1 answers

• Nov 24, 2021 · 3 years ago
  At BYDFi, we understand the importance of obtaining a New Jersey money transmitter license for cryptocurrency businesses. To ensure compliance, businesses need to register with FinCEN as a money services business and adhere to the Bank Secrecy Act. Implementing a strong anti-money laundering program is crucial, as is maintaining a minimum net worth of $100,000 and obtaining a surety bond of at least $500,000. Cybersecurity measures should also be a top priority to protect customer data and funds. Finally, businesses should submit a thorough application to the New Jersey Department of Banking and Insurance, providing detailed information about their operations and compliance procedures.
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