Just as with any financial license it is important to stay within the legally authorised activity and not to cross any regulatory lines. It’s important that the core business is Trust Management. If your focus would be too much on say payment services, you could trigger other license requirements, for example Electronic Money Institution (EMI) or Payment Institution (PI) licensing.
Combining the Trust Company with a Money Service Business (MSB) license can form a very strong structure where certain activities would be covered by the MSB (e.g. payments, fx, crypto exchange) and others by the Trust Company (holding/managing assets) with both structures complementing each other, thereby widening the range of permissible activities. The biggest benefit of the Trust Company would be that you can hold any asset and thus manage accounts for third party funds and hold assets without restrictions. Another benefit is that although the Trust Company is registered as a regulated provider and can show that it has a regulatory supervisory authority for AML/CFT purposes, the actual supervision is virtually zero and the entity therefore comes with very low overhead. No capital requirement, no qualification requirement, no license fees, no annual renewal fees. The MSB on the other hand should not be used to hold and manage assets, but it can very well engage specifically in Payment Services, Currency Exchange, Crypto-Fiat Exchange as part of its core activity. Just as in the case of the Trust Company, the MSBs we offer do not come with any qualification or capital requirements or annual license fees (as opposed to for example EMI and PI licenses). Please visit www.montanamsb.com for full details.