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Unhosted wallet providers purchasing goods or services on the user's own behalf, however, are not considered money transmitters. If a wallet provider provides unhosted and hosted services, however, it would be considered a money transmitter, regardless of how it markets itself or the label it applies to its activities.

Money transmission is generally defined as the act of receiving currency or other value that substitutes for currency from one party for the purpose of sending it to another party.

Money transmitters are typically required to meet certain financial requirements to obtain a license. This may include providing audited financial statements, demonstrating adequate capital reserves, and maintaining a surety bond or other form of financial security to protect customers.

New license applications are handled by the Nationwide Mortgage Licensing System (NMLS) . Access California Money Transmitter Application Forms and Related Documents. Fulfill Requirements and Complete Required Documents. Obtain Your CA Money Transmitter Bond. License Fees. Submit Your Money Transmitter License Application.

State licensing requirements for money transmitter businesses Surety bond. FBI criminal background check. Fingerprints. Financial statements. Credit report. Meeting minimum net worth qualifications (for licensee) Business plan. Certificate of Good Standing.

$3,000 application fee. $15 credit report fee (per person)

Businesses that are money transmitters need licenses from the New York State Department of Financial Services (DFS). Money transmitters sell or issue methods of payment, or send and receive money by wire transfer. Licensed businesses must display license information at their location.