West · Last reviewed 2026-07
Washington 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
- Washington Uniform Money Services Act, RCW 19.230
- Surety bond
- Scales with volume; statutory maximum typically around $550,000 — verify current schedule
- Net worth
- Hosted wallet providers typically $100,000 tangible net worth plus a security audit; other transmitters evaluated relative to volume
- NMLS
- Required
- Application fee
- Roughly $1,000–$2,000 plus NMLS fees, as of our last review
- Typical timeline
- 5–9 months
Crypto & virtual currency
Washington expressly includes virtual currency in its Uniform Money Services Act (RCW 19.230) — one of the clearest statutory inclusions in the country. Hosted wallet providers face a $100,000 tangible net worth requirement plus a security audit. Bonds scale with volume up to a statutory maximum typically around $550,000. Washington also recognizes like-kind virtual currency exchange concepts in its framework. Expect DFI to scrutinize custody architecture, cybersecurity, and AML. Treat Washington as a must-license state for custodial crypto activity. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Washington expressly cover virtual currency?
Yes. RCW 19.230 expressly includes virtual currency in money transmission. Exchanges, hosted wallets, and other custodial crypto businesses serving Washington residents should plan to license with DFI.
What special rules apply to hosted wallets in Washington?
Hosted wallet providers typically need $100,000 tangible net worth plus a security audit, on top of the general money transmitter requirements. Confirm current expectations with DFI before applying.
What is Washington's bond maximum?
As of our last review, the statutory bond maximum is typically around $550,000, with the required amount scaling to transmission volume below that cap. Verify the current schedule with DFI.
How long does Washington licensing take?
Plan for 5–9 months. DFI conducts substantive review of cybersecurity and custody for virtual currency applicants — incomplete security documentation is a common deficiency.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Washington Department of Financial Institutions (DFI) before filing.