Depending on where in the world you may be, you would most likely be classified as a money transfer operator or money services business. This means, you are now dealing with money in a way, that most likely requires you to be registered with state/provincial authorities as well as federal authorities, in addition to being […]
Will an app that allows people send money internationally be disruptive? This app allows users become their own money transmitters by personally exchanging currencies with other money senders, eliminating the need for money transmitters.
There are various ways of looking at it, rather than just the money transmission angle. State regulators or federal regulators will look at the intent of your app. Some pertinent questions are: Does your app facilitate the transactions? Yes! Can the marketplace charge a fees for such a facilitation? Yes! Does the app aid in the transfer of money […]