Currency.com Expands in the U.S.
Currency.com, a digital finance facilitator, has made strides in its growth in the United States by obtaining the Money Transmitter License (MTL) in Tennessee, its 31st such certification in the country. This acquisition is a significant advancement toward the company’s broader ambition of acquiring licenses in all 50 states.
Tennessee’s Cryptocurrency-Friendly Environment
Over the past three years, Tennessee has cultivated a reputation for its welcoming stance toward cryptocurrency initiatives, bolstered by active local political engagement in federal crypto discussions. The Currency.com team expressed optimism over the state’s regulatory environment as it pushes forward with its strategy.
Strategic Expansion Initiatives
As part of its expansion efforts, Currency.com intends not only to expedite its quest for remaining state licenses but also to establish dedicated teams for compliance and operations locally. This approach aims to effectively position the company for rapid growth once comprehensive cryptocurrency regulations are implemented nationwide. CEO Konstantin Anissimov articulated that the company aims to create a robust and future-proof financial platform that can accommodate both retail and institutional clients across the U.S.
Global Operations and Regulatory Approvals
Currently operational in over 100 countries, Currency.com boasts a comprehensive network of regulatory approvals spanning the United States, Europe, and the Middle East. It is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business, but it does not hold memberships as a broker-dealer or with investor protection organizations.
Internationally, it operates under the supervision of Poland’s Financial Supervision Commission as a permitted Virtual Asset Service Provider. Following a shift in the regulatory landscape, the U.S. market has seen a resurgence of interest from cryptocurrency enterprises, with notable institutions like Deutsche Bank and Standard Chartered looking into expanding their crypto capabilities in the region.
While hesitation persists among certain U.S. banks to lead this charge due to potential regulatory uncertainties, many are opting to monitor early applications as precedents before fully committing to the crypto sector. The trend of increased crypto engagement is anticipated to persist moving forward.
