Michigan (MI)
Money transmission and virtual currency licensing planning data for Michigan.
Population weight (planning): 2.93% · 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 Money Transmission Services Act (2006 PA 250, MCL 487.1001 et seq.) requires a licence from DIFS for selling payment instruments, issuing stored value, or receiving money or monetary value for transmission, which covers a CVC exchange holding customer fiat pending conversion.
Verified 2026-07-16. Source
Fiat treatment
Fiat money transmission has been licensed since the Act took effect on 1 January 2007. It covers selling or issuing payment instruments or stored value, or receiving money or monetary value for transmission; pure currency exchange alone is excluded.
Verified 2026-07-16. Source
Virtual currency treatment
No express virtual currency definition exists. DIFS guidance treats an exchanger holding customer funds in an e-wallet as money transmission, tying licensing to whether FinCEN would treat the business as an administrator or exchanger. Major exchanges hold Michigan money transmitter licences on this basis.
Verified 2026-07-16. Source
Regulator
Michigan Department of Insurance and Financial Services (DIFS), Consumer Finance Licensing.
Verified 2026-07-16. Source
MTMA adoption
pending: HB 5544 and SB 835 introduced in 2026; neither had passed a chamber as of 16 July 2026.
Verified 2026-07-16. Source
Launch posture
green: Long-established regime with a fixed, predictable $500,000 bond and $100,000 net worth for a single office, despite two DIFS pages disagreeing on the net worth ceiling.
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.