The Ohio Money Transmitter License guide from Faisal Khan LLC covers licensing through the Ohio Division of Financial Institutions (DFI) under ORC §§ 1315.01–1315.18, with applications filed through NMLS. Its standout feature: Ohio issues a license that never expires — there is no renewal application and no renewal fee to track.
Instead of a renewal fee, Ohio bills an annual assessment each July 1, calculated by prorating the Division's supervision budget across licensees by verified Ohio dollar volume — there is no published figure to quote in advance. Capital requirements run high: a $500,000 GAAP net worth requirement, one of the steeper floors among state programs, against a $300,000 or 0.5%-of-volume security device capped at $2,000,000. The guide is candid that Ohio is "meaningfully higher than most states" on capital, trading that cost for a published bond formula and a non-expiring license.
Crypto is addressed directly under DFI Interpretive Guidance 2022-01, which treats cryptocurrency as money under Ohio law with no separate license track. The guide draws the operative line: wallet software developers who never control customer funds are not transmitters, while hosted-wallet providers, exchanges, and kiosk operators generally are — unless a kiosk operator can conclusively verify wallet ownership in every transaction.
What the guide covers:
- Application fee, the $500,000 net worth test, and the quarterly-recalculated security device
- The annual assessment mechanism replacing a fixed renewal fee
- DFI Interpretive Guidance 2022-01 and where crypto activity falls inside or outside licensure
- Exemptions under R.C. 1315.02(A), including the narrow scope for licensed brokers
- The R.C. 1315.02(B) trap requiring a delegate performing accounting or reconciliation to be separately licensed
- Ongoing obligations: audited financials, quarterly call reports, and change-of-control approval
A candid, cost-forward view of a jurisdiction that trades higher capital for long-term stability.