money transmitter</strong></a> business to hold an MTL.&nbsp;</p>\n<p>It&rsquo;s important to note that federal and/or state laws determine which institution that provides money services requires obtaining a money transfer license.&nbsp;</p>\n<p>The term money transmitter also known as a money transfer service is used to describe an institution that receives and transfers funds on someone&rsquo;s behalf both within and outside of the borders of the United States. This type of institution usually oversees and provides financial services such as:</p>\n<ul>\n<li><strong>Currency exchange services</strong> including fiat currencies and cryptocurrencies;</li>\n<li>Means to cash your checks;</li>\n<li>Issuing money orders or traveler&rsquo;s cheques.</li>\n</ul>\n<p>Additionally, money transmitters are part of the money service business (MSB) group.</p>\n<p>If a financial institution is responsible for managing transactions related to money on someone&rsquo;s behalf, then it must comply with the legal requirement of holding an MTL.</p>\n<p>In the US, federal and/or state laws determine which institution requires an MTL. It&rsquo;s usually issued by the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-financial-crime-enforcement-network-fincen/">Financial Crimes Enforcement Network of the United States Department of Treasury (FinCEN)</strong></a>.</p>\n<p>The main objective of a money transfer license is the prevention of illegal activities such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-money-laundering/">money laundering</strong></a> and other financial crimes.&nbsp;</p>\n<p>In order to determine whether a money transfer license is required for your business, first, you need to find out if your company is legally considered a money service business (MSB). If you deal with transferring money from one place to another, chances are that your business falls under the money service business umbrella, and you should look into acquiring a money transfer license.</p>\n<p>When it comes to the crypto sector, the guidelines are not so clear as it depends on where the business is located at.</p>\n<p>In the US, only a few states exempt cryptocurrency companies from money transfer license requirements, and only a small number of countries around the world join this exemption as well.</p>\n<p>A cryptocurrency company can be considered a money service business if it offers services such as virtual currency exchange or transfer depending on the state the said company is operating in. If it&rsquo;s established that the company is an MSB, it will most likely require a money transfer license. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":554,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Multi-Party Computation (MPC)?","slug":"what-is-multi-party-computation-mpc","section":"M","keyword":"Multi-Party Computation (MPC)","status":"published","definition":"is a research method that allows for maintaining data anonymity.","content":"<p><strong>Multi-Party Computation</strong> (MPC) is a research method within <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptography/">cryptography that allows to compile the data of multiple parties and compute it while <strong>maintaining the anonymity of each participant&rsquo;s data</strong>.</p>\n<p>MPCs allow conducting joint analysis of specific data and keeping said data unknown.</p>\n<p>When it comes to the crypto sector, MPC is applied in the blockchain as a means to maintain each participant&rsquo;s personal and sensitive data hidden while successfully completing the transaction.</p>\n<p>Let&rsquo;s have a look at an example. When stakeholders want to be aware of the average salary within the company, MPC is one of the most optimal methods to calculate it. By using multi-party computation, the company will preserve the private salary of each party.</p>\n<p>MPC makes use of the additive secret sharing method - dividing a specific secret into shares and then distributing these shares to a group of participants.&nbsp;</p>\n<p>MPCs are also utilized within the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-key/">public key</strong></a> cryptography and encryption.</p>\n<p>For instance, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">DeFi enables multiple parties to distribute and manage fragments of a public key. It&rsquo;s a way of adding another layer of security.</p>\n<p>When it comes to the MPC method, the mentioned keys are also divided. However, every key fragment must be present in order to be granted access.&nbsp;</p>\n<p>Cryptocurrency transactions can be verified by each party generating a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-digital-signature/">digital signature</strong></a> by utilizing <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></strong></a>. Once it&rsquo;s established that each party of the MPC group is legitimate, every participant would be granted one of the generated signatures thus guaranteeing that the operation is secure.</p>","level":"easy","meta_title":"What is Multi-Party Computation (MPC)? Definition & Meaning | Crypto Wiki","meta_description":"Multi-Party Computation (MPC) meaning: Multi-Party Computation (MPC) - is a research method that allows for maintaining data anonymity.","meta_keywords":null,"language":"en","created_at":"2022-03-23T15:27:27.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-multi-party-computation-mpc"},"prevSection":{"id":552,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Mnemonic Phrase?","slug":"what-is-mnemonic-phrase","section":"M","keyword":"Mnemonic Phrase","status":"published","definition":"A Mnemonic Phrase, or Seed Phrase, is a set of words presented in a specific order which grants access to owned cryptocurrency assets.","content":"<p><strong>A Mnemonic Phrase is a set of completely random 12 or 24 words presented in a specific order</strong>. It is a sort of memory aid that helps people recover vital information.</p>\n<p>For example, primary schools use mnemonic practices to teach the order of the planets closest to the sun - MVEMJSUN. In this case, each letter represents a planet starting with Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, and Neptune. This set of letters can be used to create a phrase that&rsquo;s easy to remember. A common example of this phrase is <em>&ldquo;My Very Excellent Mother Just Served Us Noodles&rdquo;</em>.</p>\n<p><strong>In the world of cryptocurrencies</strong>, <strong>a mnemonic phrase</strong> is defined as <strong>a set of random words used in a specific sequence that grants access to the holder's owned <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency assets</strong>.</p>\n<p>Let&rsquo;s have a look at how a mnemonic phrase could look like: <strong>car school horse potato notebook bottle stairs pink litter building loser tank</strong>.</p>\n<p>It&rsquo;s a set of 12 completely random words that have no correlation. In order to gain access to a system, the user will have to say or type these words in the exact same sequence that they&rsquo;re presented here.&nbsp;</p>\n<p>When you open an account with a crypto <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">wallet provider, you&rsquo;re usually provided with a mnemonic phrase. Companies highly encourage their users to write down this phrase anywhere else that&rsquo;s not in the virtual space such as on a piece of paper.</p>\n<p>It&rsquo;s vital to keep the mnemonic phrase safe in case of loss, theft, or damage. Their purpose is to give you another chance to retrieve your digital assets before they&rsquo;re lost forever.</p>","level":"easy","meta_title":"What is Mnemonic Phrase? Definition & Meaning | Crypto Wiki","meta_description":"Mnemonic Phrase meaning: Mnemonic Phrase - A Mnemonic Phrase, or Seed Phrase, is a set of words presented in a specific order which grants access to owned cryptocurrency assets.","meta_keywords":null,"language":"en","created_at":"2022-03-23T15:21:17.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mnemonic-phrase"},"currentChapter":"M","currentSection":"what-is-money-transfer-license-mtl","chapterTitle":"M","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-money-transfer-license-mtl","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter M

What is Money Transfer License (MTL)?

Money Transfer License (MTL) MEANING:
Money Transfer License (MTL) - is a legal requirement for money transmitters so their activities can be considered legal.
Medium
2 minutes

Let's find out Money Transfer License (MTL) meaning, definition in crypto, what is Money Transfer License (MTL), and all other detailed facts.

Money Transfer License (MTL), or a money transmitter license, is a type of license that legally allows money transmitters to provide financial services. It’s a legal requirement for every money transmitter business to hold an MTL. 

It’s important to note that federal and/or state laws determine which institution that provides money services requires obtaining a money transfer license. 

The term money transmitter also known as a money transfer service is used to describe an institution that receives and transfers funds on someone’s behalf both within and outside of the borders of the United States. This type of institution usually oversees and provides financial services such as:

  • Currency exchange services including fiat currencies and cryptocurrencies;
  • Means to cash your checks;
  • Issuing money orders or traveler’s cheques.

Additionally, money transmitters are part of the money service business (MSB) group.

If a financial institution is responsible for managing transactions related to money on someone’s behalf, then it must comply with the legal requirement of holding an MTL.

In the US, federal and/or state laws determine which institution requires an MTL. It’s usually issued by the Financial Crimes Enforcement Network of the United States Department of Treasury (FinCEN).

The main objective of a money transfer license is the prevention of illegal activities such as money laundering and other financial crimes. 

In order to determine whether a money transfer license is required for your business, first, you need to find out if your company is legally considered a money service business (MSB). If you deal with transferring money from one place to another, chances are that your business falls under the money service business umbrella, and you should look into acquiring a money transfer license.

When it comes to the crypto sector, the guidelines are not so clear as it depends on where the business is located at.

In the US, only a few states exempt cryptocurrency companies from money transfer license requirements, and only a small number of countries around the world join this exemption as well.

A cryptocurrency company can be considered a money service business if it offers services such as virtual currency exchange or transfer depending on the state the said company is operating in. If it’s established that the company is an MSB, it will most likely require a money transfer license. In order to find out more information, make sure to check out your state or country's laws.