Southeast · Last reviewed 2026-07
Virginia 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
- Virginia Money Transmission Act, Code of Virginia Title 6.2, Ch. 19.1 (MTMA), effective July 1, 2026
- Surety bond
- Typically $100,000–$1,000,000 depending on volume
- Net worth
- MTMA-style tangible net worth scaled to volume; verify current tiers
- NMLS
- Required
- Application fee
- Roughly $1,000–$2,500 plus NMLS fees, as of our last review
- Typical timeline
- 4–9 months
Crypto & virtual currency
Virginia's MTMA-based Money Transmission Act (Code Title 6.2, Chapter 19.1) takes effect July 1, 2026. Critically, "money" under the new act does not include virtual currency — making Virginia relatively friendly for crypto-only models once the new framework is in force. Fiat transmission remains clearly licensable, with bonds typically $100,000–$1,000,000 and MTMA-style tangible net worth. Confirm transition rules from the prior regime and how any hybrid fiat/crypto flows are treated with SCC BFI. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Virginia's new MTMA cover virtual currency?
No — under Code Title 6.2, Chapter 19.1 (effective July 1, 2026), money does not include virtual currency. Crypto-only models are generally outside the MTL. Fiat transmission remains licensable. Confirm hybrid flows with SCC BFI.
What are Virginia's financial requirements?
As of our last review: bonds typically $100,000–$1,000,000 and MTMA-style tangible net worth scaled to volume. Verify current tiers with the Bureau of Financial Institutions.
When does Virginia's new money transmission law take effect?
July 1, 2026. Companies operating under the prior regime should confirm transition obligations and filing deadlines with SCC BFI rather than assuming automatic continuity.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Virginia State Corporation Commission, Bureau of Financial Institutions (SCC BFI) before filing.