The Nevada Money Transmitter License guide (Faisal Khan LLC, July 2026) centers on a full statutory rewrite: A.B. 21, effective 1 July 2023, adopted the Money Transmission Modernization Act into NRS Chapter 671, retiring the old $25,000 net worth figure and the pre-2023 section numbering that still circulates in outdated guidance.
The guide's clearest warning concerns cost: application and survey fees top out at a low $500, and the prorated license fee is only $200–$400, but the Commissioner may charge the actual, uncapped cost of an on-site investigation. The bond is the greater of $100,000 or 100% of average daily Nevada liability, capped at $500,000, while tangible net worth under NRS 671.115 strips out all intangibles — a balance sheet that clears a standard GAAP net worth test can still fail this one. There is also no deemed-approval clock; instead, NRS 671.050(6) deems an application withdrawn, requiring fresh fees, if it is not complete within six months of first submission.
What the guide covers:
- Why NRS Chapter 671 never mentions virtual currency, leaving crypto to a case-by-case Financial Institutions Division determination rather than a statutory carve-out
- The option to route pure digital custody to NRS Chapter 669 trust company regulation instead of money transmission
- Nevada's tax picture: no corporate or personal income tax, but a Commerce Tax above $4 million in gross revenue and a Modified Business Tax at 1.853% for financial institutions
- Exemptions under NRS 671.020, including the new "solely" payroll-processing exemption from A.B. 430 — and the fact that insurance companies are not exempt
- Quarterly report of condition and delegate report deadlines (45 days), and audited GAAP financials within 90 days of fiscal year end
- Examination costs at $75 per hour, and administrative fines up to $10,000 for violations