Wisconsin (WI)
Money transmission and virtual currency licensing planning data for Wisconsin.
Population weight (planning): 1.73% · 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, a convertible virtual currency exchange with a fiat on/off ramp meets the money transmission definition in Wis. Stat. 217.02(17) (receiving money for transmission, selling stored value), and the Division of Banking's own guidance confirms licensure is required whenever fiat is exchanged for delivery of virtual currency to a customer or third party wallet.
Verified 2026-07-16. Source
Fiat treatment
Wisconsin Statutes 217.02(17) defines money transmission as selling or issuing payment instruments or stored value, or receiving money for transmission from a person in Wisconsin. A licence is required under 217.05(1) unless 217.03 exempts the activity. The 217.02 definitions page did not load directly this session; verified via the Justia mirror instead.
Verified 2026-07-16. Source · under review
Virtual currency treatment
Virtual currency itself is not defined in 217.02. Division of Banking guidance treats fiat received for delivery of virtual currency to a customer or third party wallet as money transmission under 217.02(17)(c). Kiosks have separate rules under 2025 Wisconsin Act 226 (cited by the Division as Wis. Stat. 217.12), not independently verified from the statute site this session.
Verified 2026-07-16. Source · under review
Regulator
The Wisconsin Department of Financial Institutions, Division of Banking, licenses and supervises money transmitters under chapter 217.
Verified 2026-07-16. Source
NMLS / portal
NMLS licence type: Money Transmitter (replaced the Seller of Checks licence effective 1 January 2025).
Verified 2026-07-16. Source
Launch posture
amber: Licensure is clearly required with a full MTMA-style compliance load (tiered net worth, a $500,000 bond ceiling, quarterly and annual reporting), but the process is standardised.
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.