It doesn't really matter as long as the moped has headlamps, tail lights, break lights, turn signals, mirrors, and license plates. Check with your local law enforcement to see if i missed anything.
In many states the answer is no. Some states require that you have a valid driving license. You may also need to wear a helmet and eye protection. You will need to check with your state or province...
Requirements for licensing, registration, and insurance are different from state to state, and also depend on other factors. In South Carolina, you don't need insurance for anything under 50cc. In NY...