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Money Transmitter License (MTL)
A Money Transmitter License is a state-issued license required for businesses that transfer money or value on behalf of customers — in most US states, this includes cryptocurrency exchanges, stablecoin issuers, and some tokenization platforms.
Lens 2 · Regulatory Intelligence
State-by-State Digital Asset Regulation: The 50-State Compliance Map for Tokenized Securities
Beyond federal law, tokenized security issuers face a patchwork of state money transmission laws, Blue Sky securities regulations, and state-specific blockchain statutes. This map identifies the key state-level compliance considerations for US tokenization.