Southeast · Last reviewed 2026-07
Tennessee 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
- Tennessee Money Transmission Act, Tenn. Code Ann. § 45-7 (MTMA)
- Surety bond
- MTMA-style tiers — verify current schedule with TDFI
- Net worth
- MTMA-style tangible net worth scaled to volume; verify current tiers
- NMLS
- Required
- Application fee
- Roughly $1,000–$2,000 plus NMLS fees, as of our last review
- Typical timeline
- 4–8 months
Crypto & virtual currency
Tennessee adopted an MTMA-based framework under Tenn. Code Ann. § 45-7. TDFI has indicated that it does not regulate virtual currency itself as money transmission, but fiat exchange activity — dollar on/off ramps, holding customer fiat — may still require an MTL. That makes Tennessee relatively friendly for crypto-only models while keeping fiat-touching flows firmly in scope. Confirm your specific product map with TDFI in writing before relying on the crypto-only posture. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Tennessee license crypto-only businesses?
TDFI has indicated it does not regulate virtual currency itself as money transmission under Tenn. Code Ann. § 45-7. Fiat exchange activity may still require an MTL. Confirm your model in writing before launching.
When do I need a Tennessee MTL as a crypto company?
When fiat moves: operating dollar on/off ramps, holding customer fiat balances, or otherwise transmitting money for Tennessee residents. Crypto-only flows have generally been outside TDFI's reading — verify that still holds for your facts.
What does Tennessee licensing cost?
As of our last review: MTMA-style bond and net worth tiers, application fees roughly $1,000–$2,000 plus NMLS costs, and a 4–8 month review. Verify current figures with TDFI.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Tennessee Department of Financial Institutions (TDFI) before filing.