The Money Transmitter License (MTL)and BitLicense allowing Helbiz and Helbiz Pay to:
• Receive virtual currency • Transmit virtual currency between locations and individuals • Store, hold, or maintain custody or control of virtual currency on behalf of other. • Buy and sell virtual currency • Control and administer a virtual currency • Accept and receive electronic and wire transfers
By obtaining both licenses it will enable Helbiz to freely operate in the US allowing all US residents to acquire, send and pay with cryptocurrency directly from within the Helbiz & HelbizPay app, enabling our users to pay for both rentals and other services with Helbiz Coin.
The licenses are an essential part of creating a seamless all-in-one platform with the ability to operate within, and integrate with, the current payment ecosystem in the US.
The process includes full governmental background checks of the entire leader- and ownership of Helbiz as well as audited financial statements of Helbiz and its subsidiaries in addition to various fees and money transmitter bonds.
"Applying for the BitLicense is an expensive and difficult process, as many have noted. Some other firms have chosen to abandon the New York market entirely, rather than comply. We do not fault them for doing so," said George Frost, executive VP and chief legal officer at Bitstamp.
In its current form, the requirements set forth by the BitLicense are extremely invasive and would compromise the majority of our user base's privacy. For this reason, among others, we have decided to "opt-out" of serving NY residents.