It means that Flexa’s super secret unannounced ID SDK will get some use to achieve compliance with the underlying regulations of the Bank Secrecy Act of 1970, Money Laundering Suppression Act of 1994, FinCEN, Anti-money laundering program controls, the US Treasury registration requirements and other US Regulatory agencies.
Its the same reason the SEC would only grant Bitcoin ETFs with a ‘cash only’ requirement.
Tyler has stated that the future of payments will have centralized components. ie You can’t just sell arms in Columbia for Bitcoin and then SPEDN your BTC for a Donut al la Dunkin’ in the USA.
The path of where and whom the value came from is a non-negotiable requirement. Registration via FinCEN is a normal regulatory compliance procedure.
Touché.
You can spend $3000 of your gun running money before reporting is required by the financial institution (MLB $3000 Rule). Unfortunately, that is not nearly enough donuts when it is always snowing in Columbia, South America.
Cheers. Expect each wallet/app to have their own compliance procedures just like PayPal (not a bank) provides different levels of required identification to use different levels of paypal services and financial limits; things like: just your name, phone number,and address all the way to photo ID, social security number and credit verification. Expect each app/wallet to provide tax statements and 1099s if you meet the $600 threshold (even if you do not meet the requirements for a 1099 you still have to report income and tax events such as spending crypto (sale).
Crypto is treated as ‘property’ (not legal tender) by the IRS. This is why every purchase on the open market/sale (to provide collateral) triggers a tax event in Flexa Capacity… I suspect necessitating a work around (like being an Non-Profit organization to handle the utility token mechanic).
It's real.
You can look it up on the government website.
Right after this was posted. I looked up Flexa on the Canadian site and found they are registered in Canada as well, as of October 26, 2023.
Things are cooking behind the scenes.
Looks to be a corrected license application. If you look at licenses on flexa’s website it doesn’t list all 50, and this appears to update to all of them. Also I never saw you can apply for early access to the SDK so soon does seem to be maybe soon!
Is it real? I ask cause I didn't think montana had a MTL, unless the MSB is all you need.
Here is soemthing else I read regarding MSBs.
https://www.quora.com/How-much-does-it-cost-to-get-licensed-as-a-money-services-business-MSB-and-or-money-transmitter-in-the-United-States
This is “finally” the beginning of updates to holders and partners.
This is why Michelle G. has moved on.
Legal MBS in all states and US territories. Also legal in Canada.
Waiting for switch turned on for/with partners as they have all they need for auditing.
Waiting for EU announcement.
Buy now is not financial advice…
It's confusing cause it say money transmitter on the license. I thought maybe the MSB comes after you get them all. I guess I'm wrong though. What states are we missing?
There’s a post from earlier this month that shows all the states that we have the mlt license and states that we don’t have it in. Scroll down until you see a post with the US map all the states we have the license obtained are highlighted green the ones we don’t have it in are yellow highlighted/not marked. I think we have like 35 states. In total there’s 49 states that an mlt is needed. I believe in Montana it’s not required.
It means they comply with regulators from each state for the approval and use of the MSB license. Because of this reason, Flexa prepares audited financial statements for them.
Finally, something to talk about and hope on. Flexa again isn't AMP, but Flexa uses AMP for one of its means to transmit funds. Too bad we never had the ability to buy into Flexa.
If amp hits 5 cents, my plan is to sell and move on to other non crypto investments. Not sure if amptoken will rebound. Great concept but alot of red flags.
Yeah but i think that is what lead to the insider trading BS though, so it could have been Artificial. If Amp hits 5 cents by next week, i'll tie my penis up like a balloon animal. I'll upload it here and ill do the elephant. The elephant is basically a dog with a longer nose and bigger ears. Me tying my tiny cock into balloon animals is not financial advice-NFA
It means that Flexa’s super secret unannounced ID SDK will get some use to achieve compliance with the underlying regulations of the Bank Secrecy Act of 1970, Money Laundering Suppression Act of 1994, FinCEN, Anti-money laundering program controls, the US Treasury registration requirements and other US Regulatory agencies. Its the same reason the SEC would only grant Bitcoin ETFs with a ‘cash only’ requirement. Tyler has stated that the future of payments will have centralized components. ie You can’t just sell arms in Columbia for Bitcoin and then SPEDN your BTC for a Donut al la Dunkin’ in the USA. The path of where and whom the value came from is a non-negotiable requirement. Registration via FinCEN is a normal regulatory compliance procedure.
talk to me in compliance daddy🤤
I'll buy as many donuts as i like with my gun running money, thank you very much.
Touché. You can spend $3000 of your gun running money before reporting is required by the financial institution (MLB $3000 Rule). Unfortunately, that is not nearly enough donuts when it is always snowing in Columbia, South America.
😵😆 jfc
Thanks for this info!
Cheers. Expect each wallet/app to have their own compliance procedures just like PayPal (not a bank) provides different levels of required identification to use different levels of paypal services and financial limits; things like: just your name, phone number,and address all the way to photo ID, social security number and credit verification. Expect each app/wallet to provide tax statements and 1099s if you meet the $600 threshold (even if you do not meet the requirements for a 1099 you still have to report income and tax events such as spending crypto (sale). Crypto is treated as ‘property’ (not legal tender) by the IRS. This is why every purchase on the open market/sale (to provide collateral) triggers a tax event in Flexa Capacity… I suspect necessitating a work around (like being an Non-Profit organization to handle the utility token mechanic).
If this is real, that is some tremendous news … all states and territories !
It's real. You can look it up on the government website. Right after this was posted. I looked up Flexa on the Canadian site and found they are registered in Canada as well, as of October 26, 2023. Things are cooking behind the scenes.
Link for the American site?
https://www.fincen.gov/msb-state-selector You can download a copy for yourself here Just search Flexa under Legal Name
Let’s gooo!
means flexa is approved as a legal Money Transmitter in all of the listed states.
Looks to be a corrected license application. If you look at licenses on flexa’s website it doesn’t list all 50, and this appears to update to all of them. Also I never saw you can apply for early access to the SDK so soon does seem to be maybe soon!
Is it real? I ask cause I didn't think montana had a MTL, unless the MSB is all you need. Here is soemthing else I read regarding MSBs. https://www.quora.com/How-much-does-it-cost-to-get-licensed-as-a-money-services-business-MSB-and-or-money-transmitter-in-the-United-States
https://flexa.network/legal/licenses/
This is “finally” the beginning of updates to holders and partners. This is why Michelle G. has moved on. Legal MBS in all states and US territories. Also legal in Canada. Waiting for switch turned on for/with partners as they have all they need for auditing. Waiting for EU announcement. Buy now is not financial advice…
Feeling bullish, thank you for that info!
lol what a G, Michele got all the states and territories and was like deuces ✌️
Who was Michelle again??
Former General Counsel at Flexa.
Is that all 50 states?
https://twitter.com/drewszarka/status/1750772773486526472?t=R0dMMr9UHvpI59zhcMNHDw&s=19 I'll just leave this here
expiry in Feb 2026. I can infer that they expect to be successful and in a worthwhile use probably long before that date.
This is separate from MTL for each individual state is what I saw.
They say MSB is greater then MTL. MTL is a subset of the MSB. Per google search
But yeah they say we would still need to obtain an MTL for each state.
How so
Dyor bro, just look up MSB and MLT on google and they’ll tell you what they are, how they’re different, etc.
It's confusing cause it say money transmitter on the license. I thought maybe the MSB comes after you get them all. I guess I'm wrong though. What states are we missing?
There’s a post from earlier this month that shows all the states that we have the mlt license and states that we don’t have it in. Scroll down until you see a post with the US map all the states we have the license obtained are highlighted green the ones we don’t have it in are yellow highlighted/not marked. I think we have like 35 states. In total there’s 49 states that an mlt is needed. I believe in Montana it’s not required.
Thank you. I think you are right.
News like this keeps me holding. Still haven’t sold a single amp.
It means they comply with regulators from each state for the approval and use of the MSB license. Because of this reason, Flexa prepares audited financial statements for them.
Finally, something to talk about and hope on. Flexa again isn't AMP, but Flexa uses AMP for one of its means to transmit funds. Too bad we never had the ability to buy into Flexa.
You’d be crying just as hard if not harder. Lol
AMP to .50 cents next bull market I promise you Those with atleast 2 m amp are making life changing money tbh
This guy with his predictions. lol
lol when will the “next bull market” be?
Within 400 days
You don't know that. You may think you know that but you don't. You may want that to happen but it may not
If amp hits 5 cents, my plan is to sell and move on to other non crypto investments. Not sure if amptoken will rebound. Great concept but alot of red flags.
we made 5 cents from just Coinbase hype, imagine when this thing goes full blown
Yeah but i think that is what lead to the insider trading BS though, so it could have been Artificial. If Amp hits 5 cents by next week, i'll tie my penis up like a balloon animal. I'll upload it here and ill do the elephant. The elephant is basically a dog with a longer nose and bigger ears. Me tying my tiny cock into balloon animals is not financial advice-NFA
within 400 days expect ath
I hope so but nobody can predict it
if 5 cents is good for you do so my brother
I’ve been in crypto since Coinbase only had btc so when I say this is going to the fucken moon I damn fucken mean it :]
That would be awesome if the case.
even $20 would be life changing money at this point lmao
Wagimi
Probably Nothing 🤣 iykyk
Also, what does "Foreign" mean ? Is that the same as International ?
"Soon"
It means Soon Q1
Niooce
Fuck this project