West · Last reviewed 2026-07
Utah money transmitter license
Requirements, bond, timeline, and crypto notes for the Money Transmitter License (blockchain tokens excluded — see notes) — for companies preparing an application or diligence questionnaire.
Key requirements
- License
- Money Transmitter License (blockchain tokens excluded — see notes)
- Statute
- Utah Money Transmitter Act, Utah Code § 7-25-101 et seq.
- Surety bond
- Typically $50,000 minimum — verify current schedule
- Net worth
- Typically $1,000,000 — among the higher net worth floors; verify with DFI
- NMLS
- Required
- Application fee
- Roughly $1,000 plus NMLS fees, as of our last review
- Typical timeline
- 4–8 months
Crypto & virtual currency
Utah expressly excludes blockchain tokens from money transmission under Utah Code § 7-25, making it one of the clearer statutory carve-outs for crypto-only activity. Fiat transmission still requires the money transmitter license. For covered transmitters, Utah's net worth expectation is typically around $1,000,000 with a bond minimum around $50,000 — an unusual combination of high capital and relatively modest bonding. Confirm that your token activity fits the statutory exclusion before relying on it. Requirements change frequently — always verify current figures and interpretations directly with the state regulator before filing.
Frequently asked questions
Are blockchain tokens excluded from Utah money transmission?
Yes — Utah Code § 7-25 expressly excludes blockchain tokens from money transmission. Crypto-only businesses dealing in covered tokens generally do not need a Utah MTL. Fiat transmission remains licensable.
What if my platform also moves fiat in Utah?
Then the exclusion does not cover that activity — fiat transmission requires the § 7-25 license, with net worth typically around $1,000,000 and a bond minimum around $50,000 as of our last review.
What does Utah licensing cost for covered transmitters?
As of our last review: roughly $1,000 in application fees plus NMLS costs, a bond typically from $50,000, and net worth around $1,000,000. Verify current figures with the Department of Financial Institutions.
This page is educational and does not constitute legal advice. Requirements change frequently — always verify current figures and interpretations directly with Utah Department of Financial Institutions before filing.