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US Crypto Asset Exchange Business Multi-Layer Licensing System

Confidence: Likely Updated 2026-05-19 Review by 2026-09-22 Sources 3 Machine-translated Original (JA)
#exchanges#vasp#united-states#regulation#bitlicense#mtl
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1. System Overview

The United States operates a federal + 50 -state multi-layer regulatory structure and runs the world’s most complex crypto asset licensing regime. VASP (Virtual Asset Service Provider) operators must obtain a combination of the following:

  • (a) Federal FinCEN MSB registration — Mandatory AML/CFT foundation
  • (b) State MTL (Money Transmitter License) or OCC Federal Trust Charter — Remittance and custody operations
  • (c) NY BitLicense when operating in New York State — A strict regime imposed solely by the NY Department of Financial Services
  • (d) Separate SEC / CFTC regulation — Further branching based on securities or derivatives classification

2. 4 License Hierarchy

  • FinCEN MSB: Federal Money Services Business registration. AML/CFT reporting obligations. The foundational layer required by all VASPs
  • State MTL: Obtained separately in each of 50 states. Required by most states; up to 50 licenses needed for nationwide operations. Net worth / bond / reporting standards vary by state
  • NY BitLicense: 2015-06 NY DFS regime. Regarded as the industry’s strictest; approximately 30 社 holders (Coinbase / Gemini / bitFlyer USA / Circle, etc.). Kraken withdrew
  • OCC Federal Trust Charter: Federal trust bank authorisation. Anchorage Digital obtained the first US charter in 2021-01 . Can exempt 50 state MTLs; the core license for institutional custody

3. SEC vs CFTC Jurisdictional Competition

If a token is determined to be a “security,” it falls under SEC jurisdiction (Howey test standard); if classified as a “commodity,” it falls under CFTC jurisdiction (BTC / ETH being representative examples). The lack of clear determination persisted for years, but the CLARITY Act / FIT21 (passed by the House in 2024 年) seeks to clarify the bifurcation. Where recognised as a securities exchange, ATS registration or a broker-dealer license is also required.

4. Major Operator License Combinations

  • Coinbase (Nasdaq: COIN) — BitLicense + multiple state MTLs + SEC-registered broker
  • Kraken — State MTLs + FinCEN MSB · No BitLicense (withdrew from NY)
  • Gemini — BitLicense + NY Trust Charter
  • Anchorage Digital — OCC Federal Trust Charter (first in US)
  • Circle — State MTLs + FinCEN MSB + 2025 年 OCC Trust Charter (USDC issuer)

5. International Comparison

Unlike Japan’s FSA / JVCEA (single federal supervisor) or South Korea’s FSC / FIU (single supervisor), the US federal + state dual-oversight structure is the world’s most complex. Regulatory compliance costs for nationwide operations reach tens of millions of dollars, resulting in ecosystem concentration among a small number of major operators. This “fragmented” model contrasts sharply with integrated frameworks such as Hong Kong’s SFC and the EU’s MiCA.