Southeast · Last reviewed 2026-07
South Carolina 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
- South Carolina Money Services Act, S.C. Code § 35-11 (MTMA)
- Surety bond
- MTMA-style tiers — verify current schedule with the Attorney General's office
- Net worth
- MTMA-style tiers scaled to volume; verify current figures
- NMLS
- Required
- Application fee
- Typically around $1,500 application plus $1,600 license fees, as of our last review
- Typical timeline
- 4–8 months
Crypto & virtual currency
South Carolina adopted an MTMA-based Money Services Act (S.C. Code § 35-11), administered by the Attorney General's Money Services Division. Historically, virtual currency alone has not been treated as monetary value — so crypto-only models have often fallen outside licensure — while fiat legs of crypto transactions may require a license. Fees are typically around $1,500 application plus $1,600 license. Confirm current interpretation in writing; MTMA modernization can shift definitional readings over time. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does South Carolina license crypto-only businesses?
Historically, virtual currency alone has not been treated as monetary value under South Carolina's Money Services Act, so crypto-only models have often fallen outside licensure. Fiat legs may require a license. Confirm current interpretation with the Attorney General's Money Services Division.
What are South Carolina's fees?
As of our last review: typically around $1,500 application plus $1,600 license fees, plus NMLS costs and MTMA-style bond/net worth tiers. Verify the current schedule before budgeting.
Who regulates money transmitters in South Carolina?
The South Carolina Attorney General's Money Services Division — unusual among states, where banking departments typically hold this authority. Applications run through NMLS.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with South Carolina Attorney General, Money Services Division before filing.