Money Transmitter License for Cryptocurrency
The United States has varying rules and regulations for cryptocurrencies. While each state has its own regulatory authority and rules, most have classified cryptocurrency transmission services as money transmitters.
FinCEN published interpretive guidance for cryptocurrency service providers. The guidance clarified certain aspects of how crypto businesses are regulated under the same rules as applied to money services businesses in the US. For some bitcoin and crypto business models, it would be mandatory to obtain money transmitter licenses but not for all of them.
Cryptocurrency Money Transmitter License Required by Each US State
| State | License Required | Regulatory Authority |
|---|---|---|
| Alabama | Sale of Checks License | Alabama Securities Commission |
| Alaska | Money Transmitter License | Department of Commerce, Community and Economic Development Division of Banking & Securities |
| Arizona | Money Transmitter | Arizona Department of Financial Institutions |
| Arkansas | Money Transmission License | Arkansas Securities Department |
| California | No license required yet | California Department of Business Oversight |
| Colorado | Money Transmitter License | Colorado Division of Banking |
| Connecticut | Money Transmitter License | Connecticut Department of Banking |
| Delaware | Sale of Checks and Transmission of Money | Office of the State Bank Commissioner |
| District of Columbia | District of Columbia Money Transmitter License | Department of Insurance, Securities, and Banking |
| Florida | Money Transmitter License or Seller of Payment Instruments | Florida Office of Financial Regulation |
| Georgia | Money Transmitter License or Seller of Payment Instruments | Georgia Department of Banking and Finance Money Services Businesses |
| Hawaii | Money Transmitter License | Division of Financial Institutions |
| Idaho | Money Transmitter License | Idaho Department of Finance, Securities Bureau |
| Illinois | Transmitter of Money | Illinois Department of Financial and Professional Regulation |
| Indiana | Legislature does not expressly include the concepts of “virtual currencies” or “monetary value” and no guidance on the matter has been provided by the State. | Indiana Department of Financial Institutions |
| Iowa | Money Services License | State of Iowa Division of Banking |
| Kansas | Money Transmitter License | Kansas Office of the State Bank Commissioner |
| Kentucky | Money Transmitter License | Kentucky Department of Financial Institutions |
| Louisiana | Money Transmitter License | Louisiana Office of Financial Institutions |
| Maine | Money Transmitter License | Department of Professional & Financial Regulation – Bureau of Consumer Credit Protection |
| Maryland | Money Transmitter License | Maryland Commissioner of Financial Regulation |
| Massachusetts | No mention of virtual currencies and no guidance in money services businesses regulation – may require certain crypto businesses to have a license as evidenced by case by case replies to businesses | Massachusetts Office of Consumer Affairs and Business Regulation |
| Michigan | Money Transmitter License | Michigan Department of Insurance and Financial Institutions |
| Minnesota | Money Transmitter License | Minnesota Department of Commerce and Financial Institutions Division |
| Mississippi | Money Transmitter License | Mississippi Department of Banking and Consumer Finance |
| Missouri | Crypto businesses not mentioned in regulations – no guidance provided | Missouri Division of Finance |
| Montana | No regulation | |
| Nebraska | Money Transmitter License | Nebraska Department of Banking & Finance |
| Nevada | Money Transmitter | Nevada Financial Institutions Division |
| New Hampshire | Money Transmitter License | New Hampshire Banking Department |
| New Jersey | Money Transmitter License | New Jersey Department of Banking and Insurance |
| New Mexico | Money Transmitter License | New Mexico Financial Institutions Department Mortgage Unit |
| New York | Money Transmitter License | New York Department of Financial Services |
| North Carolina | Money Transmitter License | North Carolina Commissioner of Banks |
| North Dakota | North Dakota Money Transmitter License | North Dakota Department of Financial Institutions |
| Ohio | Money Transmitter License | Ohio Division of Financial Institutions |
| Oklahoma | Money Transmission License | Oklahoma Department of Banking |
| Oregon | Money Transmitter License | Oregon Department of Consumer and Business Services Division of Finance and Corporate Securities |
| Pennsylvania | Money Transmitter License | Pennsylvania Department of Banking and Securities |
| Puerto Rico | Money Transmitter License | Office of the Commissioner of Financial Institutions |
| Rhode Island | Electronic Money Transfers or Sales of Checks | Department of Business Regulation |
| South Carolina | Money Transmitter License | Office of the Attorney General Money Services Division |
| South Dakota | Money Transmitter License | South Dakota Department of Labor and Regulation Division of Banking |
| Tennessee | Money Transmitter License | Tennessee Department of Financial Institutions |
| Texas | Money Transmitter License | Texas Department of Banking |
| Utah | Money Transmitter License | Utah Department of Financial Institutions |
| Vermont | Money Transmitter | Vermont Department of Financial Regulation |
| Virginia | Money Transmitter License | Bureau of Financial Institutions State Corporation Commission |
| Washington | Money Transmitter License | State of Washington – Department of Financial Institutions Division of Consumer Services |
| West Virginia | Money Transmitter License | West Virginia Division of Financial Institutions |
| Wisconsin | No license | Wisconsin Department of Financial Institutions |
| Wyoming | Money Transmitter License | Wyoming Department of Audit |
Please note the above information is current at the time this page was written. Cryptocurrency regulations and money transmitter license rules are constantly evolving and changing. It is your responsibility to consult the official state documentation before making a decision about obtaining licenses or not.
—
This page was last updated on June 1, 2023.
–