Indiana (IN)
Money transmission and virtual currency licensing planning data for Indiana.
Population weight (planning): 2.02% · Back to matrix · Launch map
How to read this page: confirmed cells are checked against a primary regulatory source and dated. Under review marks a cell where primary sources conflict or a figure awaits confirmation.
MTL required
Yes: the fiat on/off ramp is licensable money transmission under Indiana's Money Transmission Modernization Act (IC 28-8-4.1-201(19)), effective 1 January 2024. Indiana's adoption expressly excludes virtual currency transmission itself from the licensing perimeter, so only the fiat leg of this scenario triggers the requirement.
Verified 2026-07-16. Source
Fiat treatment
Money transmission covers selling or issuing payment instruments or stored value, and receiving money for transmission, from a person located in Indiana, under IC 28-8-4.1-201(19). The definition excludes solely online or telecommunications services or network access.
Verified 2026-07-16. Source
Virtual currency treatment
Excluded by choice. Indiana adopted the CSBS Model Act (SEA 458, 2023) but expressly declined its virtual currency module. DFI guidance confirms transmission of virtual currency alone is not licensable, though a business also transmitting fiat still needs a licence for that fiat activity.
Verified 2026-07-16. Source
Regulator
Indiana Department of Financial Institutions (DFI), Division of Consumer Credit.
Verified 2026-07-16. Source
NMLS / portal
Money Transmitter Licence (MT), Indiana DFI Division of Consumer Credit, applied for and renewed through NMLS.
Verified 2026-07-16. Source
Launch posture
amber: Modern Model Act framework, but virtual currency itself sits outside Indiana's licensing perimeter, creating classification questions for a combined fiat/crypto exchange model.
Verified 2026-07-16. Source
Net worth / capital (locked)
Net worth / capital is included with access.Permissible investments (locked)
Permissible investments is included with access.Exam / audit timeline (locked)
Exam / audit timeline is included with access.Practitioner notes (locked)
Practitioner notes is included with access.Under the planning scenario
LicenceMap's bond and net worth figures use one scenario throughout: a virtual currency exchange with a fiat on and off ramp, $50m in annual US transmission volume, $2m in average daily outstanding liability, and a single principal office.
Surety bond: Surety bond is included with access.
Net worth / capital: Net worth / capital is included with access.