An MSB license is rarely one licence
Money services business is a regulated category for moving, exchanging, or storing value, and the single biggest trap is assuming an MSB license is one approval. In the United States you register federally with FinCEN and then obtain a money transmitter licence in each state where you operate. Other countries use their own money-transfer, payment-institution, or exchange-house regimes. The starting point is always the same: classify your activity, then map the registrations and licences you actually need. Below are the main MSB business types and what each requires, followed by the leading jurisdictions.