South Dakota (SD)
Money transmission and virtual currency licensing planning data for South Dakota.
Population weight (planning): 0.27% · 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 Division of Banking's own memorandum (11-002) treats virtual currency as 'monetary value' under SDCL 51A-17-1(13), so an entity receiving virtual currency for transmission needs a licence; the fiat leg of a CVC exchange is separately and squarely money transmission.
Verified 2026-07-16. Source
Fiat treatment
Fiat money transmission (sale of payment instruments or stored value, or receiving money for transmission) is licensed under SDCL chapter 51A-17, administered by the Division of Banking within the Department of Labor and Regulation.
Verified 2026-07-16. Source
Virtual currency treatment
Included by regulatory interpretation: Memorandum 11-002 (25 May 2019) states it is the Division's position that virtual currencies, including Bitcoin, are 'monetary value' under SDCL 51A-17-1(13). Licensees must list virtual currency transmission as an NMLS business activity and complete the virtual currency sections of the quarterly Call Report.
Verified 2026-07-16. Source
Regulator
South Dakota Division of Banking, Department of Labor and Regulation.
Verified 2026-07-16. Source
NMLS / portal
Money Transmitter licence via NMLS; South Dakota's requirements are published on the Division of Banking's site alongside the NMLS State Licensing Resource page (StateID SD).
Verified 2026-07-16. Source
Launch posture
green: Clear, longstanding regulatory confirmation that virtual currency is in scope, paired with the lowest flat capital thresholds among the Money Transmission Modernization Act-adjacent states in this.
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.