Washington (WA)
Money transmission and virtual currency licensing planning data for Washington.
Population weight (planning): 2.32% · 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, our scenario is money transmission because the licence definition expressly includes virtual currency as equivalent value (RCW 19.230.010(18)). A convertible virtual currency exchange with a fiat on/off ramp falls squarely within Washington's money transmitter licence requirement, per DFI's own virtual currency guidance describing exchange platforms as money transmitters.
Verified 2026-07-16. Source
Fiat treatment
Fiat money transmission is captured by the core definition at RCW 19.230.010(18): receiving money or its equivalent value to transmit, deliver, or instruct delivery elsewhere, by any means. A money transmitter licence is required under RCW 19.230.030 before engaging in, advertising, or holding out as providing money transmission in the state.
Verified 2026-07-16. Source
Virtual currency treatment
Virtual currency is brought directly inside the money transmission definition, not handled through a separate licence or mere guidance. RCW 19.230.010(18) states equivalent value includes virtual currency, and RCW 19.230.010(30) defines virtual currency. The same money transmitter licence covers both fiat and virtual currency activity, with added virtual-currency-specific rules layered on.
Verified 2026-07-16. Source
Regulator
Washington State Department of Financial Institutions (DFI), Division of Consumer Services, licenses and supervises money transmitters under the Uniform Money Services Act. DFI maintains dedicated FinTech guidance, a licensing decision tree, and a glossary for virtual currency businesses, reflecting an active, hands-on approach to crypto supervision.
Verified 2026-07-16. Source
NMLS / portal
Washington uses the NMLS licence type Money Transmitter License (MT), covering both fiat and virtual currency transmission activity; there is no separate virtual currency licence type or endorsement. Applications, the electronic surety bond, and annual assessments are filed through NMLS.
Verified 2026-07-16. Source
Launch posture
amber: A money transmitter licence is mandatory with moderate net worth and bond figures (about $500,000 each for this scenario) plus added virtual-currency-specific reserve, security-audit, and disclosure.
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.