What is a Money Transmitter License (MTL)?
MTL stands for “money transmitter license”, a special license required by companies that deal in financial services which will allow VeVe users to cash out their gems for real-world currency in the future.
Once MTL is live we’ll be able to cash out our gems for real money.
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.
In short, it is something that is required for VeVe to obtain to offer cash out for its app, allowing users to withdraw gems for their local currency.
Cash out has been one of the most highly anticipated features for VeVe, and one which has seen many delays. 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.
MTL/cash out is currently in beta testing with VeVe users, and is still slated to launch by the end of June 2022 to all users.
Once MTL live, users will first need to KYC by providing their tax and bank information, and then begin the payout process.
Users will need to have a minimum of 1,000 gems in their account in order to trigger payout. Additionally, there is a minimum withdrawl amount of 50 gems.
There will be a 10% withdrawl fee for transactions, and a max withdrawl of 50,000 gems per 7-day period.
Once cash out is triggered, it will take anywhere from 7-14 days for the money to be transferred to the user’s account.
Full details on VeVe’s Medium article on cash out.