Northeast · Last reviewed 2026-07
Rhode Island money transmitter license
Requirements, bond, timeline, and crypto notes for the Currency Transmitter License — for companies preparing an application or diligence questionnaire.
Key requirements
- License
- Currency Transmitter License
- Statute
- R.I. Gen. Laws § 19-14 et seq. (Currency Transmitter / financial institutions licensing; partial MTMA alignment)
- Surety bond
- Typically around $50,000 — verify current schedule
- Net worth
- Evaluated relative to volume; verify with DBR Banking
- NMLS
- Required
- Application fee
- A few hundred to roughly $1,000 plus NMLS fees, as of our last review
- Typical timeline
- 4–8 months
Crypto & virtual currency
Rhode Island licenses currency transmitters under R.I. Gen. Laws § 19-14, with partial MTMA alignment. Virtual currency treatment should be confirmed with DBR Banking — fiat-touching activity is clearly in scope, while crypto-only models occupy a more interpretive space. The bond is typically around $50,000, making Rhode Island one of the lower-cost New England licenses. Many multistate applicants include it early given the modest marginal cost. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Does Rhode Island license crypto businesses?
Fiat-touching models should plan to license as currency transmitters under § 19-14. Crypto-only treatment is more interpretive — seek a written determination from DBR Banking rather than assuming exemption.
What does Rhode Island licensing cost?
As of our last review: a bond typically around $50,000, modest application fees, and a 4–8 month review through NMLS. It is among the lighter New England licenses on cost.
Has Rhode Island adopted the MTMA?
Rhode Island has partially aligned toward MTMA standards under its § 19-14 framework. Confirm current definitions and exemptions with DBR Banking rather than assuming full model-act adoption.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Rhode Island Department of Business Regulation, Banking Division before filing.