Minnesota (MN)
Money transmission and virtual currency licensing planning data for Minnesota.
Population weight (planning): 1.69% · 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. Minnesota Statutes Chapter 53B, the state's Money Transmission Modernization Act enacted in 2023, requires a licence from the Department of Commerce for money transmission, which the Department states explicitly includes virtual currency business activity.
Verified 2026-07-16. Source
Fiat treatment
Standard MTMA definition: selling or issuing payment instruments or stored value, or receiving money for transmission, triggers licensing. Enacted via 2023 Session Law Chapter 57 (Senate File 2744), signed 24 May 2023, replacing the prior Chapter 53B regime.
Verified 2026-07-16. Source
Virtual currency treatment
Chapter 53B contains dedicated virtual currency business activity sections (53B.69 to 53B.75), plus 2024 kiosk-specific amendments (Session Law 2024 Chapter 114, effective 1 August 2024) for physical kiosks. An online CVC exchange with a fiat ramp sits under the general virtual currency business activity provisions rather than the kiosk rules.
Verified 2026-07-16. Source
Regulator
Minnesota Department of Commerce, Financial Institutions Division.
Verified 2026-07-16. Source
NMLS / portal
NMLS Money Transmitter licence (Minnesota); state landing page also links the NMLS licence description directly.
Verified 2026-07-16. Source
MTMA adoption
full: S.F. 2744 / H.F. 2680 (2023), effective August 1, 2023.
Verified 2026-07-16. Source
Launch posture
green: Explicit statutory virtual currency chapter, standard MTMA bond and net worth figures, and a clearly published application fee make this one of the most transparent regimes.
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.