Seeing the same issue repeatedly: teams think “MSB done = US compliance done.”
In practice, it’s usually more layered:
1. **Define your activity scope clearly**
(custody, fiat on/off-ramp, exchange flow, transmission pattern)
2. **Separate federal and state considerations**
FinCEN registration is one layer; state money transmitter exposure can be another
3. **Map target states early**
compliance burden changes a lot depending on where users are served
4. **Prepare AML/KYC operations, not just policy PDFs**
reviewers and partners care about real controls in operation
5. **Plan banking readiness in parallel**
regulatory positioning and banking acceptance are related but not identical
Not legal advice — just a practical framework to reduce rework and launch delays.