Midwest · Last reviewed 2026-07
Indiana money transmitter license
Requirements, bond, timeline, and crypto notes for the Money Transmitter License — for companies preparing an application or diligence questionnaire.
Key requirements
- License
- Money Transmitter License
- Statute
- Ind. Code § 28-8-4 et seq. (Money Transmitters)
- Surety bond
- Commonly cited around $300,000 minimum — verify the current schedule
- Net worth
- Commonly cited around $600,000 for licensees; verify with the Department
- NMLS
- Required
- Application fee
- Roughly $1,000 plus NMLS fees, as of our last review
- Typical timeline
- 4–8 months
Crypto & virtual currency
Indiana's money transmitter statute (Ind. Code § 28-8-4) is framed around "money," and the Department of Financial Institutions has generally taken the position that virtual currency by itself is not money for purposes of the Act — making Indiana one of the states where crypto-only activity has typically fallen outside licensure. As elsewhere, that comfort evaporates the moment customer fiat enters your flow of funds: fiat on-ramps, custodial dollar balances, and intermediated fiat settlement are money transmission. Indiana's bond and net worth figures are higher than its neighbors' relative to its market size, so sequence it accordingly in a multistate rollout. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Indiana license virtual currency businesses?
Generally not for crypto-only activity — the Department has treated virtual currency as outside the statutory definition of money. Fiat-touching models (on/off ramps, custodial dollar balances) do require the money transmitter license. Confirm your model with the Department in writing.
What are Indiana's financial requirements?
As of our last review, commonly cited figures are a bond around $300,000 and net worth around $600,000 — high relative to neighboring states. Verify current amounts with the Department before budgeting your rollout sequence.
Should Indiana be early or late in my licensing rollout?
For many crypto businesses it lands mid-to-late: the crypto-only posture reduces urgency, while the comparatively high bond and net worth requirements raise the cost of entry. If your model touches fiat, prioritize by customer volume like any other state.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Indiana Department of Financial Institutions before filing.