Money Transmitter License Cryptocurrency - Faisal Khan and Company

Money Transmitter License Cryptocurrency

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

StateLicense RequiredRegulatory Authority
AlabamaSale of Checks LicenseAlabama Securities Commission
AlaskaMoney Transmitter LicenseDepartment of Commerce, Community and Economic Development
Division of Banking & Securities
ArizonaMoney TransmitterArizona Department of Financial Institutions
ArkansasMoney Transmission LicenseArkansas Securities Department
CaliforniaNo license required yetCalifornia Department of Business Oversight
ColoradoMoney Transmitter LicenseColorado Division of Banking
ConnecticutMoney Transmitter License Connecticut Department of Banking
DelawareSale of Checks and Transmission of MoneyOffice of the State Bank Commissioner
District of ColumbiaDistrict of Columbia Money Transmitter LicenseDepartment of Insurance, Securities, and Banking
FloridaMoney Transmitter License or Seller of Payment InstrumentsFlorida Office of Financial Regulation
GeorgiaMoney Transmitter License or Seller of Payment InstrumentsGeorgia Department of Banking and Finance
Money Services Businesses
Hawaii Money Transmitter License Division of Financial Institutions
IdahoMoney Transmitter LicenseIdaho Department of Finance, Securities Bureau
IllinoisTransmitter of MoneyIllinois Department of Financial and Professional Regulation
IndianaLegislature 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
IowaMoney Services LicenseState of Iowa Division of Banking
KansasMoney Transmitter LicenseKansas Office of the State Bank Commissioner
KentuckyMoney Transmitter LicenseKentucky Department of Financial Institutions
LouisianaMoney Transmitter LicenseLouisiana Office of Financial Institutions
MaineMoney Transmitter LicenseDepartment of Professional & Financial Regulation –
Bureau of Consumer Credit Protection
MarylandMoney Transmitter LicenseMaryland Commissioner of Financial Regulation
MassachusettsNo 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 businessesMassachusetts Office of Consumer Affairs and Business Regulation
MichiganMoney Transmitter LicenseMichigan Department of Insurance and Financial Institutions
MinnesotaMoney Transmitter LicenseMinnesota Department of Commerce and Financial Institutions Division
MississippiMoney Transmitter LicenseMississippi Department of Banking and Consumer Finance
MissouriCrypto businesses not mentioned in regulations – no guidance providedMissouri Division of Finance
MontanaNo regulation
NebraskaMoney Transmitter LicenseNebraska Department of Banking & Finance
NevadaMoney TransmitterNevada Financial Institutions Division
New HampshireMoney Transmitter LicenseNew Hampshire Banking Department
New JerseyMoney Transmitter LicenseNew Jersey Department of Banking and Insurance
New MexicoMoney Transmitter LicenseNew Mexico Financial Institutions Department Mortgage Unit
New YorkMoney Transmitter LicenseNew York Department of Financial Services
North CarolinaMoney Transmitter LicenseNorth Carolina Commissioner of Banks
North DakotaNorth Dakota Money Transmitter LicenseNorth Dakota Department of Financial Institutions
OhioMoney Transmitter LicenseOhio Division of Financial Institutions
OklahomaMoney Transmission LicenseOklahoma Department of Banking
OregonMoney Transmitter LicenseOregon Department of Consumer and Business Services
Division of Finance and Corporate Securities
PennsylvaniaMoney Transmitter LicensePennsylvania Department of Banking and Securities
Puerto RicoMoney Transmitter LicenseOffice of the Commissioner of Financial Institutions
Rhode IslandElectronic Money Transfers or Sales of ChecksDepartment of Business Regulation
South CarolinaMoney Transmitter LicenseOffice of the Attorney General
Money Services Division
South DakotaMoney Transmitter LicenseSouth Dakota Department of Labor and Regulation
Division of Banking
TennesseeMoney Transmitter LicenseTennessee Department of Financial Institutions
TexasMoney Transmitter LicenseTexas Department of Banking
UtahMoney Transmitter LicenseUtah Department of Financial Institutions
VermontMoney TransmitterVermont Department of Financial Regulation
VirginiaMoney Transmitter LicenseBureau of Financial Institutions
State Corporation Commission
WashingtonMoney Transmitter LicenseState of Washington – Department of Financial Institutions
Division of Consumer Services
West VirginiaMoney Transmitter LicenseWest Virginia Division of Financial Institutions
WisconsinNo licenseWisconsin Department of Financial Institutions
WyomingMoney Transmitter LicenseWyoming 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.

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