Bitcoin Money Transmitter License

What is a Bitcoin Money Transmitter License?

A bitcoin money transmitter license is the same as the regular MTL required for money services businesses in the United States. Any bitcoin based business that offers the services of transmitting virtual money or currency from one person or place to another is classified as a money transmitter. This means that in most US states, you need to get a license before beginning operations as a bitcoin services company.

Getting a license is essential in countries and US states where the regulations mandate it otherwise your business will be considered illegal.

Getting a Bitcoin Money Transmitter License

Are you in the market for a bitcoin money transmitter license? Do these sound familiar?

• The pricing is not worth it
• It takes too much time
• That’s a lot of money you cannot afford to invest right now
• It’s too complex

You are not alone. Getting a money transmitter license for a bitcoin business is not easy. It costs a lot of money and requires tremendous amounts of effort and time. New York is especially difficult with its BitLicense which has proven almost impossible for many businesses.

In order to get a license, you will need to follow the bitcoin licensing guidelines for each U.S. state where your business will offer services.

Operating without a License

As mentioned above, it is illegal to operate your bitcoin business without a license except when you are an Authorized Delegate of a licensed money transmitter business. If you have access to the licensed financial institution that can sponsor your project without you having to obtain your own licenses, then you are legally allowed to offer your services.

It is a very routine practice for licensed banks and/or non-banking financial institutions to become the Program Manager and provide umbrella coverage for bitcoin businesses to comply with licensing requirements.

These banks are friendly and positive towards bitcoin companies and have various programs for assisting you to get access.

US State Regulations for Bitcoin

If you would like to be up and running in the US market for your bitcoin project, you need to have license coverage. There are NO exceptions or shortcuts.

Each state has its own regulations and requirements. The table below will guide you to each US state’s regulatory authority where you can find more information about their bitcoin money transmitter license application process, necessary forms, and conditions.

State	Money Transmitter Licensing Authority
Alabama	Alabama Securities Commission
Alaska	Alaska Division of Banking and Securities
Arizona	Arizona Department of Financial Institutions
Arkansas	Arkansas Securities Department
California	California Department of Business Oversight
Colorado	Colorado Division of Banking
Connecticut	Connecticut Department of Banking
Delaware	Delaware Office of the State Bank Commissioner
District of Columbia	District of Columbia Department of Insurance, Securities and Banking
Florida	Florida Office of Financial Regulation
Georgia	Georgia Department of Banking and Finance
Hawaii	Hawaii Department of Commerce and Consumer Affairs
Idaho	Idaho Department of Finance
Illinois	Illinois Department of Financial & Professional Regulation
Indiana	Indiana Department of Financial Institutions
Iowa	Iowa Division of Banking
Kansas	Kansas Office of the State Bank Commissioner
Kentucky	Kentucky Department of Financial Institutions
Louisiana	Louisiana Office of Financial Institutions
Maine	Maine Office of Consumer Credit Protection
Maryland	Maryland Department of Labor, Licensing & Regulation
Massachusetts	Massachusetts Office of Consumer Affairs and Business Regulation
Michigan	Michigan Department of Insurance and Financial Services
Minnesota	Minnesota Department of Commerce
Mississippi	Mississippi Department of Banking and Consumer Finance
Missouri	Missouri Division of Finance
Montana	Montana Division of Banking & Financial Institutions
Nebraska	Nebraska Department of Banking and Finance
Nevada	Nevada Department of Business & Industry
New Hampshire	New Hampshire Banking Department
New Jersey	New Jersey Department of Banking & Finance
New Mexico	New Mexico Regulation and Licensing Department
New York	New York Department of Financial Services
North Carolina	North Carolina Commissioner of Banks
North Dakota	North Dakota Department of Financial Institutions
Ohio	Ohio Department of Commerce
Oklahoma	Oklahoma Banking Department
Oregon	Oregon Division of Financial Regulation
Pennsylvania	Pennsyvlania Department of Banking and Securities
Rhode Island	Rhode Island Department of Business Regulation
South Carolina	South Carolina Attorney General
South Dakota	South Dakota Division of Banking
Tennessee	Tennessee Department of Financial Institutions
Texas	Texas Department of Banking
Utah	Utah Department of Financial Institutions
Vermont	Vermont Department of Financial Regulation
Virginia	Virginia State Corporation Commission
Washington	Washington State Department of Financial Institutions
West Virgnia	West Virginia Division of Financial Institutions
Wisconsin	Wisconsin Department of Financial Institutions
Wyoming	Wyoming Division of Banking

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This page was last updated on June 29, 2023.

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