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A comment on Bitcoin Exchange Receives First License in New York State. Parent comment
It has restrictions and depending on how the Trust was constructed, it may not be applicable in other states for certain transmission activities.
>>Do other states consider this kind of trust company to be a bank or a money transmitter?
They evaluate what the Trust was built for,and what the company wants to do in their state, and evaluate whether there is a delta or overlap.
>>What does FinCEN think?
no diff, still have BSA/AML obligations and commitments.
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It has restrictions and depending on how the Trust was constructed, it may not be applicable in other states for certain transmission activities.
>>Do other states consider this kind of trust company to be a bank or a money transmitter?
They evaluate what the Trust was built for,and what the company wants to do in their state, and evaluate whether there is a delta or overlap.
>>What does FinCEN think?
no diff, still have BSA/AML obligations and commitments.