Money Transmitters (licensing guidance, incl. virtual currency exchangers)

Document text

Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.

Money Transmitters | Department of Finance

	Money Transmitters - Department of Finance

        Skip to main content

					  Official Government Website

Contact Us

						A
						A
						A

							A
							A
							A

What can we help you find?

            ×

            Search

                    Search Blog

Popular Topics

						Licensee & Financial
 Institution Search

                        Consumer
Education

                        Administrative
Actions

                        Civil
Actions

                        Legal
Guidance

                        Forms

                        Securities
FAQs

                        File a
Complaint

About Us

Idaho Department of Finance

    Safeguarding the financial health of Idahoans through the appropriate oversight
    of diverse financial institutions, the education and protection of consumers,
    and by fostering sensible innovation in the financial services market.

About the Department

Administration

Annual Reports

Director

Department Resources

Careers

Contact IDOF

News & Media

Compliance Connection Newsletter

Events

Department Podcast

Press Releases

Consumer Education
Financial Institution

Financial Institutions Bureau

    Safeguarding the financial health of Idahoans through the appropriate oversight
    of diverse financial institutions, the education and protection of consumers,
    and by fostering sensible innovation in the financial services market.

	Learn More

Banks

Banks

Bank Forms

Credit Unions

Credit Unions

Credit Union Forms

Trust

Trust Companies

Trust Company Forms

Digital Asset
Custodians (Approved)

Unauthorized Use of
Name - Waiver Request

    Licensee & Financial
Institution Search

Consumer Finance

Consumer Finance Bureau

    Safeguarding the financial health of Idahoans through the appropriate oversight
    of diverse financial institutions, the education and protection of consumers,
    and by fostering sensible innovation in the financial services market.

	Learn More

Mortgage

Mortgage

Mortgage, Mortgage Loan Servicing, and MLO Information and Forms

Mortgage Loan Originators

Consumer Credit

Consumer Credit

Consumer Lender Forms

Collection Agencies

Collection Agencies

Collection Agency Forms

Securities

Securities Bureau

    Safeguarding the financial health of Idahoans through the appropriate oversight
    of diverse financial institutions, the education and protection of consumers,
    and by fostering sensible innovation in the financial services market.

	Learn More

Securities Examinations

Securities Forms

Securities FAQs

Money Transmitters

Money Transmitter Forms

Escrow Agencies / 1031 Exchange

Escrow Forms

Endowment Care Cemeteries

Cemetery Forms

Continuing Care

Investigations

    Broker-Dealer Search

Legal

Overview

Statutes & Rules

Rulemaking

Rulemaking

Consumer Finance – Rulemaking Archive

Credit Unions – Rulemaking Archive

Securities – Rulemaking Archive

Guidance

Guidance

Guidance Archive

Administrative Actions

Civil Actions

Public Records Requests

Public Records Requests

Fee Schedule

Records Subject Matter Guidelines

File a Complaint
Report & Hold

Department of Finance

Money Transmitters
Home » Securities Bureau » Money Transmitters

The Securities Bureau of the Department of Finance administers
and enforces the Idaho Money Transmitters Act,  Idaho Code § 26-2901, et seq.

Who is required to have an Idaho Money Transmitter license?

Unless exempt, any person that sells or issues payment instruments or engages in the business of receiving money for transmission or engages in the business of money transmission, by any and all means, including but not limited to payment instruments, wire, facsimile, or electronic transfer.
More plainly, the Department licenses:
Money and wire remitters (including both business and consumer transactions);
Money Order issuers and sellers;
Traveler Check issuers and sellers;
Payment Processors;
Open Loop and Semi-Closed Loop “Stored Value” issuers and sellers. Retail merchants sell many open-system stored value cards (e.g., MasterCard Cash Cards), and a state or federally-chartered financial institution ultimately issues the card.  Idaho Code §26-2904(d) only exempts banks from the Idaho Money Transmitters Act, where they do not issue or sell payment instruments through agents who are not banks.  Therefore, non-bank retail locations must be licensed as money transmitters or be authorized delegates of a licensed money transmitter;
Open Loop and Semi-Closed Loop “Prepaid Access” issuers and sellers;
Delayed Delivery Currency or Stored Value Delayed Delivery Providers;
Virtual Currency Exchangers. If you act as a virtual/digital currency exchanger and accept legal tender (e.g., government backed/issued “fiat” currencies) for later delivery to a third party in association with the purchase of a virtual currency, then you must be licensed as a money transmitter with the Department of Finance.
Current Idaho law does not address provider compensation in any way. Hence, providers need to license whether or not they will be compensated for the transaction.

Who does not need this license?

Agencies of the United States, agencies of Idaho and its political subdivisions;
The United States Post Office;
The State or any political subdivision of the State;
Banks, credit unions, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States, provided that they do not issue or sell payment instruments through authorized delegates who are not banks, credit unions, savings and loan associations, savings banks or mutual banks, and
Authorized representatives of a licensee, acting within the scope of authority conferred by a written contract conforming to the requirements of Section § 26-2918 of the Idaho Money Transmitters Act.

What are the qualifications for license applications?

	Fee	$100.00 application fee.

	Net Worth RequirementsApplicants must provide financial statements demonstrating a minimum net worth of $50,000 with a sliding scale of increasing net worth based on the number of Idaho locations to a maximum of $250,000.

	Surety BondApplicants must deliver a surety bond to the Idaho Department of Finance in a minimum amount of $10,000 with a sliding scale of bonding based on Idaho locations to a maximum bonding amount of $500,000.

	Agent/Location Data	Applicants must identify all Idaho locations where their business may be conducted. This should include the identification of company-owned outlets as well as any authorized representatives. The Idaho Money Transmitters Act mandates the use of and identifies requirements necessary in an authorized representative contract (Section § 27-2918) for use by licensees with their Idaho locations.

	Completed Application

  Money transmitters can obtain an Idaho money transmitter license through a national electronic licensing system known as the NMLS. The system and related information can be found at

    https://mortgage.nationwidelicensingsystem.org/

  Additional questions: contact our office at

  (208) 332-8004 or toll free within Idaho

  1-888-346-3378.

Department of Finance

11341 West Chinden Blvd.

Building 4, Floor 3

Boise, ID 83714

208-332-8000

  Home

  About

  Consumer Education

  Financial Institutions

Consumer Finance

Securities

Legal

File a Complaint

                    Facebook IconTwitter IconLinkedIn IconYouTube Icon

            idaho.gov
            Accessibility
            Cybersecurity
            Privacy
            Legal Notices
            Security

ver: 4.1.8 | last updated: July 9, 2025 at 02:10 pm