Post
Topic
Board Altcoin Discussion
Re: rpietila Altcoin Observer
by
btc-mike
on 03/09/2014, 20:32:54 UTC
...
For currency exchanges in particular in the State of Montana no Money Transfer license is required.  Not even USForex has one in the state:
http://www.usforex.com/about-us/legal#MT
...

That's where it gets interesting (complex). No money transfer license (MTL) would be required for Polo to do that business with Montona residents, BUT, each state/district has its own laws. The previous state in the list requires one.

If a state determines the ICO is "currency exchange," Polo would need the MTL from that state/district to have the state's residents as customers. That is 51 different jurisdictions to check.