What is a Money Transmitter License (MTL)?

MTL stands for “money transmitter license”, a special license required by companies that deal in financial services.

In July of 2022 VeVe obtained a money transmitter license and started allowing users to cash out gems for real-world currency

Usage:

With MTL you cash out our gems for real money.

Full Definition:

A money transmitter license or MTL is a special license required by governments around the world for companies that deal with money transmission activities or non-bank issued stores of value.

Cash out was a feature that was missing from VeVe for the first year since it’s launch, and was one of the most highly requested features from VeVe users. The company initially announced that they planned to have the feature live in March of 2021, but the release has since been pushed back to Q2 of 2022.

The company has attributed the delays to the complexity of obtaining money transmitter licenses globally and enabling it for their active user base of 2 million+ users.

As of July, MTL/cash out is now available to all usrs who complete KYC and have a minimum account balance of 1000 gems. Gems can be cashed out to a variety of real-world currencies.

The cashout function initially launched with an ability to cash out to crypto currency such as BTC and USDT, but the feature was paused due to some issues.

Full details on VeVe’s cashout feature can be found in this Medium article.