Southeast · Last reviewed 2026-07
Florida money transmitter license
Requirements, bond, timeline, and crypto notes for the Money Transmitter License (Part II of Chapter 560) — for companies preparing an application or diligence questionnaire.
Key requirements
- License
- Money Transmitter License (Part II of Chapter 560)
- Statute
- Fla. Stat. ch. 560 (Money Services Businesses), as amended by HB 273 (2022)
- Surety bond
- Typically $50,000–$2,000,000 depending on volume and locations
- Net worth
- Commonly cited at $100,000 minimum, scaling with volume up to $2,000,000
- NMLS
- Required
- Application fee
- Roughly $375 plus fingerprinting and NMLS fees, as of our last review
- Typical timeline
- 4–8 months
Crypto & virtual currency
Florida resolved years of litigation-driven ambiguity (including the Espinoza case on peer-to-peer bitcoin sales) by amending chapter 560 via HB 273, effective January 1, 2023: "virtual currency" is now defined in statute and expressly included in money transmission. Intermediated models — where the person can execute or prevent a transaction — generally require licensure. An important carve-out remains for two-party exchanges from a dealer's own inventory without holding customer funds. Florida is a large, enforcement-active market; OFR coordinates with law enforcement on unlicensed MSB activity, which can carry criminal exposure under Fla. Stat. § 560.125. Do not operate first and license later here. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Florida require a license for crypto exchanges?
Yes for intermediated models. Since the 2022 amendments to chapter 560 (effective January 1, 2023), virtual currency is expressly included in Florida money transmission. Intermediated exchange and custodial activity for Florida residents — where you can execute or prevent a transaction — generally requires an OFR money transmitter license.
What changed with Florida HB 273?
HB 273 added a statutory definition of virtual currency and folded it into money transmission, ending the ambiguity highlighted by the Espinoza litigation. It also clarified treatment of two-party exchanges from a dealer's own inventory. Map your flows against the amended definitions carefully.
What are the penalties for unlicensed activity in Florida?
Significant. Unlicensed money services business activity can be prosecuted criminally under Fla. Stat. § 560.125, with felony exposure scaling by dollar volume. Florida actively pursues these cases — this is not a state to enter before licensure.
How long does Florida licensing take?
Typically 4–8 months for a complete application through NMLS. OFR is a high-volume licensing shop; clean financials and a complete AML program are the main levers for a faster decision.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Florida Office of Financial Regulation (OFR) before filing.