Northeast · Last reviewed 2026-07
Pennsylvania 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
- Pennsylvania Money Transmitter Act (Act 249), as amended by Act 7 of 2025
- Surety bond
- Typically $1,000,000
- Net worth
- Typically $500,000 tangible net worth
- NMLS
- Required
- Application fee
- Roughly $1,000–$2,500 plus NMLS fees, as of our last review
- Typical timeline
- 5–10 months
Crypto & virtual currency
Pennsylvania's Money Transmitter Act (Act 249), as amended by Act 7 of 2025, expressly covers virtual currency transmission. That ends prior ambiguity: exchanging, transferring, or holding virtual currency for Pennsylvania residents generally requires a DoBS money transmitter license. Financial requirements are substantial — typically a $1,000,000 bond and $500,000 tangible net worth. Pennsylvania is a large market with active examination; treat it as a core Northeast license alongside New York and New Jersey analysis. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Pennsylvania expressly cover virtual currency?
Yes. Act 7 of 2025 amended the Money Transmitter Act (Act 249) to expressly cover virtual currency transmission. Crypto exchanges and custodial wallets serving Pennsylvania residents should plan to license with DoBS.
What are Pennsylvania's financial requirements?
As of our last review: typically a $1,000,000 surety bond and $500,000 tangible net worth — among the higher fixed requirements in the region. Verify current figures with DoBS before budgeting.
How long does Pennsylvania licensing take?
Plan for 5–10 months on a complete application. DoBS conducts substantive review; incomplete AML or custody documentation is a common source of delay for crypto applicants.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Pennsylvania Department of Banking and Securities (DoBS) before filing.