Quote from: NYCesquire on May 22, 2013, 03:34:09 PM

Dan nailed it.

We can assist new businesses in money transmission licensing, but the bar is quite high on the state level. Well-funded startups can surmount hurdles like net worth requirements and legal fees (I'll take the blame for that). The greatest cost, though is still bonding. Bonding, Bonding, Bonding. No matter what industry you're in, insurance and bonding is the kicker.

What I've been pondering is how current major exchanges and transmitters such as coinbase managed to get all of these licenses when they first started up.

If one were to hypothetically only accept Paypal as payment and not accept other forms of payment, would they still need these licenses?

I've gotten introduced to a lawyer regarding this but have not yet called to seek his legal advice. At the moment I have a lot on my plate and am just curious.