The Wyoming Money Transmitter License guide (Faisal Khan LLC, July 2026) walks through Wyoming's MTL as the state where crypto and money transmission converge, built on the 2003 Money Transmitters Act — Wyoming has not adopted the national Money Transmission Modernization Act, so its numbers do not carry over when expanding into other states.
The standout figure is the $25,000 GAAP net worth requirement, among the lowest in the country, paired with a bond of $10,000 or 2½ times outstanding payment instruments, capped at $500,000. But the guide's real warning is on crypto: Wyoming's virtual currency exemption (§ 40-22-104(a)(vi)) covers buying, selling, custody and transmission of virtual currency — yet it does not cover fiat, does not waive FinCEN/BSA duties, and the Division of Banking has issued no guidance on mixed fiat/crypto models.
What the guide covers:
- Regulator and statute: Wyoming Division of Banking, under Wyo. Stat. §§ 40-22-101–129
- Fees: $2,500 application plus $120 NMLS, with no separate state renewal fee
- Bond formula: greater of $10,000 or 2½× outstanding instruments, capped at $500,000
- The SPDI charter's real cost — far above the commonly quoted "$5 million," once paid-up surplus and operating expenses are added
- HB 75, signed 6 March 2026, requiring virtual currency kiosk operators to hold an MTL or a Title 13 charter
- Penalties: unlicensed transmission is a felony under § 40-22-125(b), with a 3-year/$10,000 statutory floor
Year-one cost estimates run roughly $12,520 to $68,620 depending on scale, excluding the $25,000 capital requirement — and audited financials are required at every renewal.