Utah (UT)
Money transmission and virtual currency licensing planning data for Utah.
Population weight (planning): 1.02% · 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 function meets the Money Transmitter Act's definition of money transmission (receiving money for transmission, currency conversion) under 7-25-102(9)(a), triggering licensure under 7-25-201. The 2020 exclusion of blockchain tokens from that definition (7-25-102(9)(b)) does not exempt the fiat leg of a hybrid CVC exchange of this scale.
Verified 2026-07-16. Source
Fiat treatment
Money transmission is defined at 7-25-102(9)(a) as selling or issuing a payment instrument, or engaging in the business of receiving money for transmission or transmitting money within the United States or abroad by any means including wire, facsimile, or electronic transfer. A fiat on/off ramp meets this definition directly.
Verified 2026-07-16. Source
Virtual currency treatment
Excluded from the money transmission definition itself. Section 7-25-102(9)(b), added in 2020, states money transmission does not include a blockchain token, defined at 7-25-102(4) as an electronic record recorded on a blockchain and tradeable between persons without an intermediary. Utah has no separate virtual currency licensing regime; the exclusion narrows scope rather than creating parallel oversight.
Verified 2026-07-16. Source
Regulator
Utah Department of Financial Institutions (DFI), the state agency responsible for licensing and supervising money transmitters under Title 7, Chapter 25.
Verified 2026-07-16. Source
NMLS / portal
NMLS licence type: Money Transmitter. Applications, renewals, and authorised-delegate reporting (UAAR) all run through NMLS; Utah DFI's own regulator-authored new-application checklist is published on the NMLS Resource Center.
Verified 2026-07-16. Source
MTMA adoption
partial: S.B. 183 (2022), effective 2022 (specific date not stated in CSBS tracker).
Verified 2026-07-16. Source
Launch posture
green: Flat, low fixed costs (net worth $1,000,000, bond $50,000, about $500 total to originally licence) with a narrow, predictable three-category exemption list and no separate virtual-currency.
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.