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==== Anchor Legal Setup ====
This is very dependent on your geo location (what country you will operate from).  Here we will provide you what is needed in USA just as an example.  Do your own research to expand on what we have here and maybe get a business lawyer to look at it at some point.  

==== Need To Get License & Pay Fees (USA) ====

The money exchange business needs a series of licenses and regulations. Normally these norms vary from state to state. Not having the required license is considered to be a criminal violation. Each state has a separate licensing department and individuals interested in starting this business, need to apply for these and get the required nod before proceeding any further.

The other associated step is paying up the required fees in this aspect. This again is a state regulation and dictated by the individual requirements of every state. Payment of these fees to the right authorities prevents unfair trade practices and corruption possibilities. Also this helps you conduct your business in a peaceful manner without disturbances and interruptions resulting from sudden check and resultant penalty service.

The basic operating procedure involves obtaining a Registration of Money Services Business application and submitting it to the Financial Crimes Enforcement Network see https://www.fincen.gov/. This is a standalone agency within the US Treasury Department.

You will also note in this thread https://www.fincen.gov/resources/statutes-regulations/guidance/interagency-interpretive-guidance-providing-banking  that the threshold to even require getting a license as a Money Service Business is transactions of more than $1000 USD per day to any single person.

Form to 107 for Registration of Money Service Business for fincen: https://www.pdffiller.com/jsfiller/?projectId=118033951#41b91f23d1ea4d7dbf1a3a1a34bc05d0
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