Payments & Digital Assets Lawyers Worldwide.

Digital wallets and processors must navigate a complex web of "money transmission" laws designed to protect consumer funds and prevent laundering. In the United States, this typically requires registering as a Money Services Business (MSB) with FinCEN and obtaining individual Money Transmitter Licenses (MTLs) in up to 49 different states. In the United Kingdom, companies must be authorized by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 or Electronic Money Regulations 2011, which impose strict "safeguarding" rules to ensure customer funds are never mixed with the company's own operating cash.