Licensing, Authorisation & Market Access

South Africa's SARB Payments Ecosystem Modernisation programme is set to open the national payment system to licensed non-banks in H2 2026 under a draft activity-based authorisation framework; the COFI Bill was approved by Cabinet in April 2026; and FSCA's… Full module →

Algeria has no dedicated single EMI/PI regime; PSP approval runs through a two-stage Bank of Algeria process (Monetary and Banking Council authorisation, then Governor approval). Bank of Algeria Instruction 06-2025 establishes the first tiered digital-wallet… Full module →

Argentina has no single EMI/PI licence; the BCRA operates a functional PSP registration regime under the Financial Entities Law framework, with multiple registrable roles. The flagship category is the PSPCP (payment service provider offering payment… Full module →

APAC payment licensing perimeters are expanding rapidly and independently into digital-asset and stablecoin regulation across Singapore, Hong Kong, India, Australia and Japan; no harmonised regional framework exists, and each jurisdiction's instrument moves… Full module →

Australia's payments licensing perimeter overhauled via the Treasury Laws Amendment (Payments System Modernisation) Act 2025, assented 19 September 2025; Tranche 1 exposure draft released 12 March 2026 establishing AFSL-based licensing foundations and APRA… Full module →

Austria runs a function-based licensing regime under the Payment Services Act 2018 (ZaDiG 2018, transposing PSD2), the Banking Act (BWG) and the Electronic Money Act 2010 (E-GeldG). The FMA is sole licensing/supervisory authority for payment institutions… Full module →

Mobile Financial Services (MFS) are licensed and supervised by the Payment Systems Department (PSD) of Bangladesh Bank under the Bangladesh MFS Regulations, 2022, alongside the Bangladesh Payment and Settlement Systems Regulations, 2014. A 2026 circular… Full module →

Belgian payment/e-money institutions remain authorised under PSD2/EMD2 via the NBB (prudential) and FSMA (conduct/open-banking); PSD3/PSR text approved by national representatives 22 April 2026, formal adoption expected later in 2026, ahead of national… Full module →

BCB requires prior authorisation for all payment institutions; the deadline for payment institutions operating without authorisation to request it was brought forward from Dec 2029 to May 2026. BCB segments institutions S1-S5 for proportional prudential… Full module →

Bulgaria operates the standard EU/EEA non-bank PSP licensing model: the Law on Payment Services and Payment Systems (PSPSA, 2018) transposes PSD2 and governs both payment institution (PI) and electronic money institution (EMI) authorisation, with the… Full module →

Cambodia has no separate EMI regime; NBC licenses banks, specialized banks and PSIs under the LBFI and 2017 PSI Prakas. A new NBC Notification (14.026.1075, 6 Aug 2026) extends registration-style obligations to single-purpose e-wallet issuers outside the… Full module →

Non-bank payment services in Cameroon operate under the CEMAC/BEAC dual PSP/EMI licensing framework; Order No. 080/CAB of 28 May 2025 tightened the statutory definition of 'electronic means of payment', pulling any electronically-stored monetary value… Full module →

The Retail Payment Activities Act (RPAA) regime is fully operational: the Bank of Canada supervises registered PSPs, published its PSP registry in October 2025, required the first annual regulatory reports by 31 March 2026, and can impose penalties up to $10… Full module →

CA-AB has no separate provincial payments-licensing regime; PSPs are fully captured by the federal RPAA, in force since Sep 8 2025, with roughly 1,500 PSPs under Bank of Canada supervision and a rolling public registry; first annual report due Mar 31 2026.

Canada has no BC-specific payment-institution licensing regime. The federal Retail Payment Activities Act (RPAA), supervised by the Bank of Canada, is the sole applicable payment-services supervisory framework for payment service providers operating in or… Full module →

New Brunswick has no province-level payment-services licensing regime; PSPs operating in or serving NB are captured by the federal Retail Payment Activities Act (RPAA), administered by the Bank of Canada. RPAA registration has been mandatory since November… Full module →

Ontario's payment activity governed almost entirely at the federal level. RPAA (in force Nov 1, 2024) now sits alongside a rebuilt Consumer-Driven Banking Act and a new Stablecoin Act, both enacted via Bill C-15 (Royal Assent March 26, 2026). Ontario has no… Full module →

CA-QC money services businesses face a dual-licence regime: federal FINTRAC registration under PCMLTFA plus a distinct provincial licence from Revenu Québec under the Money-Services Businesses Act. A new cryptoasset-ATM money-service category, with its own… Full module →

Under the Fintec Law (Ley 21.521), the Banco Central de Chile (BCCh) holds statutory power to regulate stablecoin issuance and operation as a means of payment; as of the August 2026 Informe de Sistemas de Pago the BCCh has moved from a purely… Full module →

China's payments regime rests on the State Council's Regulations on Supervision and Administration of Non-Bank Payment Institutions (effective 2024-05-01), PBOC implementing rules, and an 8-regulator Financial Product Online Marketing Management Rules package… Full module →

Colombia's payments regulatory architecture centers on Banco de la Republica (Bre-B interoperable instant-payments scheme under Law 2294/2023 Art.104 mandate) and the SFC (licensing/supervision of banks, EMIs/SEDPEs, and other entities under an expanding Open… Full module →

Costa Rica has no dedicated EMI/PI licensing regime, but following Attorney General's Office opinion PGR-C-196-2024, BCCR amended the Payment System Regulations to create Resource Administration Accounts (CAR) for SINPE-affiliated non-bank PSPs; a standalone… Full module →

Croatia operates a fully-transposed PSD2 licensing regime under the Payment System Act, with HNB as sole competent authority; PSD3/PSR reached provisional political agreement 27 Nov 2025, expected application ~early 2028.

Curacao's payments licensing regime is anchored in the Centrale Bank van Curacao en Sint Maarten (CBCS) as sole prudential/AML regulator. Banks are licensed under the 1994 National Ordinance on Supervision of Banking and Credit Institutions; money transfer… Full module →

Cyprus payment/e-money regulation runs under PSD2's national transposition (Law 31(I)/2018) and the EMI law, both supervised by the Central Bank of Cyprus (CBC); MiCA now sits alongside as the mandatory CASP/EMT framework, with dual CBC PI/EMI + CySEC CASP… Full module →

CZ crypto-asset services now exclusively under CNB MiCA CASP authorisation as of 1 July 2026; legacy Trade Licensing Act VASP registration route expired; 11 entities authorised of 251 applications assessed.

Denmark regulates payment services under the Payments Act (Lov om betalinger, implementing PSD2/EMD2), administered exclusively by Finanstilsynet (Danish FSA). Providers must hold authorisation as a payment institution or e-money institution (or operate via… Full module →

The BCRD is lead regulator and operator of SIPARD, governed by the Monetary and Financial Law and the Reglamento de Sistemas de Pago; no codified instant-payments statute yet exists; reform of the Reglamento is under exploration.

BCE Resolucion JPRFM-2026-029-M (18 Jun 2026) confirms the Central Bank as sole inter-network clearer of payment operations once the SIP is enabled, amending real-time-payment and payment-key definitions; BCE-GG-008-2025 sets cybersecurity/connection… Full module →

CBE regulates banking and payments under Law No. 194/2020; FRA regulates non-bank financial services. CBE issued PSO/PSP licensing rules in June 2025 (implementing the March 2024 Payment Systems and Services Oversight Policy) with a 12-month transition ending… Full module →

Estonia operates the standard EEA PSD2/EMD2 licensing model: Finantsinspektsioon authorises and supervises payment institutions and e-money institutions under PIEIA/MERAS, with dual bank/non-bank routes and EEA passporting.

PSD3/PSR finalised (Nov 2025 provisional agreement; final texts published 23-24 Apr 2026); PSD3 folds EMIs into the payment-institution category, ending the separate EMD2 regime; framework applies 21 months after OJ publication.

Finland operates the standard EEA payment-licensing layer (Payment Institutions Act / Payment Services Act, PSD2-implementing, FIN-FSA competent authority), now overlaid by MiCA CASP authorisation and an SPI registration route capped at EUR 3m monthly volume.

France operates under the post-Brexit-irrelevant EEA/PSD2 layer, supervised by ACPR (authorisation) and Banque de France (payments oversight). The EU PSD3/PSR package reached political agreement on 27 November 2025; formal adoption/OJ publication is expected… Full module →

Germany's payment-institution regime sits under ZAG with BaFin as supervisor; PSD3/PSR final texts (agreed 23 Apr 2026) and CRD VI's third-country-branch regime will reshape German market access once transposed/applicable; Consumer Credit Directive (EU)… Full module →

Ghana payments licensing anchored by Act 987 (BoG-administered): tiered non-bank PSP regime (Standard/Medium/Enhanced), DEMI for non-bank e-money, bank/SDI route under Act 930; minimum capital/permissible activities/fees set by Notice BG/GOV/SEC/2019/16.

Gibraltar operates its own GFSC-supervised EMI/PI regime; the UK-EU Agreement on Gibraltar (signed 14 Jul 2026) does not restore or create EU financial-services passporting. UK-Gibraltar market access continues via the Financial Services (Gibraltar)… Full module →

Greece runs the standard EEA licensing perimeter: credit institutions (bank-PSP route) need no separate PSD2/EMD2 licence, while non-banks require BoG authorisation as a Payment Institution or Electronic Money Institution under Law 4537/2018 (PSD2) and Law… Full module →

The Payment Systems and Stored Value Facilities Ordinance (PSSVFO, Cap. 584) remains the legal basis for HKMA licensing and supervision of SVFs and RPS designation/oversight; Q1-2026 statistics show 88.78 million SVF accounts in use and HK$264.6 billion… Full module →

Hungary's EMI/PI licensing route added a new authorisation this cycle: Pay10 EU Kft received an Electronic Money Institution (EMI) licence from the MNB (effective 6 July 2026), becoming one of Hungary's three EMI licence holders, enabling issuance of… Full module →

Iceland regulates payment services under Act No. 114/2021 on Payment Services (PSD2 transposition) and the Act on Financial Undertakings No. 161/2002, both administered by the Central Bank of Iceland (CBI), which absorbed the former standalone Financial… Full module →

RBI's consolidated Payment Aggregator Directions, 2025 (effective 15 Sept 2025) rationalised and repealed the 2020/2021 PA-PG Guidelines and the 2023 cross-border PA framework, creating PA-Online, PA-Cross-Border and PA-Physical categories, with rolling… Full module →

Payment institutions and EMIs in Ireland are authorised and supervised by the Central Bank of Ireland under PSD2 as transposed by the European Union (Payment Services) Regulations 2018. Ireland remains one of the EU's principal PI/EMI authorisation hubs… Full module →

IOMFSA remains the sole financial-services/payments regulator (Financial Services Act 2008); the Financial Services (Miscellaneous Provisions) Bill 2026 has entered the Royal Assent process and the consolidated Fees Order 2026 is in force from 1 April 2026… Full module →

Italy runs a dual bank-PSP / non-bank licensing regime under the Testo Unico Bancario (TUB, D.Lgs. 385/1993) and the PSD2-transposing D.Lgs. 11/2010, supervised by Banca d'Italia. Payment institutions (IP) and e-money institutions (IMEL) are authorised and… Full module →

Payment-institution and e-money-issuer licensing in Côte d'Ivoire runs through BCEAO's single UMOA-wide authorisation regime; the CI-domiciled payment-institution cohort has grown to nine agréments as of the BCEAO's February 2026 register, and a fourth… Full module →

Japan's core non-bank payments/crypto statute is the Payment Services Act (PSA, Act No. 59 of 2009). A major 2025 amendment package took operational effect 2026-06-13. The FIEA/PSA amendment reclassifying crypto assets as financial instruments received final… Full module →

Kazakhstan runs a dual payments/digital-asset licensing perimeter: the National Bank licenses/registers payment organisations and, from 1 May 2026, digital-asset/DFA platform operators nationally, while the AIFC operates a separate AFSA-supervised regime for… Full module →

CBK single-tier non-bank PSP authorisation regime under NPS Act 2011 / NPS Regulations 2014; four PSP categories with First Schedule capital floors (KES 5m / 50m / 20m / 1m); no EMI/PI passporting; foreign licences not recognised; local incorporation… Full module →

Laos has no single omnibus e-money/payment-institution regime; BOL is sole payments regulator under the 2017 Law on Payment Systems, having replaced its decade-old money-transfer licensing decision with a broader Payment Service System framework (No. 511/BOL… Full module →

Brazil's BCB authorization regime for VASPs (Resolutions 519-521, in force 2 Feb 2026) and Mexico's dual fintech-licensing track are the region's two most developed payments/crypto-adjacent licensing perimeters. Argentina's CNV PSAV registry and Colombia's… Full module →

Latvia operates a full EEA-passportable licensing regime for PI/EMI under national law (PSD2/EMD2 transposition); Latvijas Banka is sole licensor/supervisor since the 2023 FCMC merger; a new specialised credit institution licence (6 Jan 2026, EUR1M capital)… Full module →

The Article 143(3) MiCAR transitional window for Liechtenstein-registered TVTG service providers closed on 1 July 2026; TVTG registration alone no longer suffices for MiCAR-scoped crypto-asset activity, and firms must hold Article 63 (or, for already-licensed… Full module →

Lithuania operates a dual EMI/PI authorisation regime under the Bank of Lithuania, now supplemented by a completed MiCA CASP authorisation track that has fully replaced the former light-touch VASP registration model as of 1 January 2026.

Luxembourg's MiCAR-adjacent payments/crypto perimeter moved from transition to full enforcement this cycle: the EU-wide VASP transition period ended 1 July 2026, after which only CSSF-authorised CASPs may serve customers, and the CSSF migrated crypto-asset… Full module →

Macau lacks a PSD2/EMD2-comparable EMI/PI regime; mobile wallets operate as bank-linked intermediaries. A pending AML/CFT draft law would introduce Macau's first formal VASP licensing track, layered onto AMCM/DICJ's existing prohibition on gaming-related… Full module →

Consumer Credit Act 2025 (Act 873) in force 1 March 2026 under new Consumer Credit Commission; licensing/registration commences 1 June 2026 with transition to 30 Nov 2026.

Malta regulates EMIs and Payment Institutions under the Financial Institutions Act and implementing FIR rules, supervised by the MFSA, within the EU PSD2/EMD2 harmonised regime enabling EEA passporting. PSD3/PSR reached provisional political agreement 27… Full module →

Mexico operates a dedicated 2018 Fintech Law (Ley para Regular las Instituciones de Tecnología Financiera) establishing two ITF licence types: Electronic Payment Funds Institutions (IFPE, e-money/wallet) and Crowdfunding Institutions (IFC). Licences are… Full module →

Morocco operates a non-EMI/non-PSD bespoke regime under Banking Law 103-12 (promulgated by Dahir 1-14-193, 24 Dec 2014), supervised by central bank Bank Al-Maghrib (BAM). The law created a non-bank 'établissement de paiement' (payment institution) category… Full module →

Mozambique enacted Law 15/2026, a new National Payment System legal regime, replacing the 2008 framework; Banco de Moçambique (BM) remains the licensing/inspection/supervisory authority; incumbents get a registration-only transition with a 180-day adaptation… Full module →

Non-bank cross-border remittance business in Myanmar is now governed by CBM Notification No. 18/2026 (28 Apr 2026), which replaced the 2019 licensing framework with tighter beneficial-owner/management vetting, an escrow security deposit, and a 3-year licence… Full module →

Payment service providers (PSPs) and payment system operators (PSOs) in Nepal are licensed and supervised by Nepal Rastra Bank (NRB) under the Payment and Settlement Act 2019 and the Unified Directive on Payment Systems, 2025 (15th amendment). A June 2025… Full module →

CASPs authorised under MiCA that provide certain payment services involving EMTs now generally require an additional PSD2 licence in the Netherlands: the DNB/EBA transitional enforcement-restraint period on the PSD2/MiCA interplay ended 1 March 2026, absent a… Full module →

NZ's consumer-credit regulatory perimeter has consolidated: from 1 July 2026 the FMA replaced the Commerce Commission as regulator for the CCCFA, becoming NZ's single conduct regulator for financial markets including consumer credit. Certification is replaced… Full module →

Nigeria operates a CBN-led, multi-tier, activity-based PSP licensing regime set by the December 2020 Licence Categorisation circular and the May 2021 capital requirements, anchored in BOFIA 2020 which classifies PSPs as Other Financial Institutions. Four… Full module →

Norway implements the EU payment-services regime via the EEA agreement: PSD2 entered Norwegian law 1 April 2019, SCA/RTS in force since 14 September 2019, supervised by Finanstilsynet. Norway will need EEA incorporation of PSD3/PSR once finally adopted at EU… Full module →

Pakistan's payment-institution regime is governed by the PSEFT Act 2007 (SBP Payment Systems Department), covering PSOs, PSPs and EMIs. A new adjacent VASP licensing perimeter opened in 2026 under PVARA, interoperating with the SBP-licensed payments perimeter… Full module →

Panama has no dedicated PSP/EMI licensing regime today; money-services activity operates under general banking/AML law supervised by the SBP. Draft Law 314 (introduced 13 Jan 2026) proposes the first dedicated licensing categories for VASPs, PSPs and EMIs… Full module →

BCRP has replaced the 2010-era National Payments System rules with Circular No. 0022-2025-BCRP, in force since 1 April 2026, expanding BCRP's role and introducing authorisation requirements for payment-system participants and ESPs.

The Philippines payments regime is anchored by the National Payment Systems Act (RA 11127, 2018), under which the BSP exercises exclusive oversight of payment systems. Non-bank payment players register as Operators of Payment Systems (OPS) under BSP Circular… Full module →

KNF licenses payment institutions (KIP), small payment institutions (SPI/MIP) and e-money institutions (EMI) under Poland's Payment Services Act (transposing PSD2). A March 2026 amendment (Journal of Laws 2026 item 340, in force 28 March 2026) implements PSD2… Full module →

Portugal operates under the RJSPME (Decree-Law No 91/2018) transposing PSD2/EMD2, supervised by Banco de Portugal, with MiCA now transposed via Law 69/2025 and PSD3/PSR migration expected 2027.

QCB licenses and supervises PSPs, e-money issuers and BNPL providers under its Payment Services Regulation; licensee count reached 15 in early 2026 with Karty's e-money licence grant, continuing QCB's fintech-modernisation agenda.

Romania regulates payments/e-money under Law 209/2019, supervised by the BNR; in 2026, BNR granted new Payment Institution licences to EuPlătesc and Netopia Payments, indicating active domestic PSP licensing throughput ahead of PSD3/PSR transposition.

Russia's payment market is governed by the Federal Law 'On the National Payment System' (161-FZ), which defines money transfer operators, e-money operators, payment system operators and payment infrastructure service operators. The Bank of Russia licenses… Full module →

Rwanda's payment-systems legal basis remains Law No. 061/2021 (BNR licensing) plus new instant-payment directives; a parallel Virtual Asset Law (No. 023/2026) now creates a CMA/BNR dual-track legal basis for virtual-asset-linked payment activity.

SAMA licenses payment service providers and payment system operators under the Law of Payments and Payment Services and its Implementing Regulations (PFMI-aligned). An updated supervisory framework (self-assessment + supervisory assessment methodology) now… Full module →

Senegal's payments regime sits within the WAEMU/UMOA regional framework: BCEAO licenses and supervises Payment Institutions and Electronic Money Institutions under Instruction n°001-01-2024, with a hard compliance deadline enforced from 1 September 2025, and… Full module →

Serbia's Law on Payment Services was harmonised with EU PSD2 via 2024-adopted amendments applicable from 6 May 2025, introducing open banking, a regulatory sandbox, and stricter conditions on foreign e-money issuers. A further NBS-drafted package under EU… Full module →

Payment services in Singapore are licensed under the PSA 2019 (as amended). MAS revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd effective 14 May 2026; DTSP regime remains a high-bar, default-non-issuance lane for offshore-only… Full module →

PSD3/PSR advanced to Council 'I' Item Note (17 April 2026) and national-representative approval (22 April 2026); formal adoption expected 2026, national transposition ~2027-2028

Payment services authorised/supervised under ZPlaSSIED (transposing PSD2) by Banka Slovenije. MiCAR EMT issuers require prior authorisation as an EMI or bank; must notify Banka Slovenije >=40 working days before public offer and >=20 working days before… Full module →

The Payments Association of South Africa (PASA) had its recognition as Payment System Management Body withdrawn by SARB effective 2 September 2026, ending 27 years of bank-led self-regulation. Rule-making moves to SARB and PayInc; a parallel NPS Act amendment… Full module →

Korea has no single EMI/PI regime; payments licensing is statute-by-statute and FSC-centred. The Electronic Financial Transactions Act (EFTA) is the governing instrument for most electronic financial business, with the FSC as primary licensing authority and… Full module →

PSD2 remains active baseline; PSD3/FIDA tracked as upcoming. From 2026, banks/PIs/EMIs must report all accounts to Hacienda regardless of balance, removing the prior EUR 3,000 threshold.

CBSL is the sole payments regulator under the PSS Act No. 28 of 2005; card issuers/acquirers and mobile payment/e-money operators are licensed under the Payment Cards and Mobile Payment Systems Regulations No. 1 of 2013; money/value transfer service providers… Full module →

PSD3/PSR politically agreed (27 Nov 2025) and formal compromise texts published 22-23 April 2026, replacing PSD2/EMD2 with a directive (authorisation/governance) plus directly-applicable regulation (conduct); Swedish transposition of PSD3 has not yet… Full module →

Switzerland's fintech/payments licensing reform (payment instrument institution + crypto institution categories) is in consultation-closed status with Fintech Alliance endorsement; entry into force expected 2027.

Taiwan's payments sector is governed by the Act Governing Electronic Payment Institutions (2015, amended January 2023) for fiat e-payment/e-money, and by the Virtual Asset Service Act (passed 30 June 2026) for crypto/stablecoin, shifting VASPs from… Full module →

Tanzania's payment-services regime is anchored in the National Payment Systems Act No. 4 of 2015, with BoT as primary licensing/supervisory authority (jointly with TCRA for telecom-linked mobile money aspects). A 2025 Use of Foreign Currency regulation… Full module →

BOT implemented a Systemically Important Retail Payment System (SIRPS) supervisory framework effective 21 February 2026 under the Payment Systems Act B.E. 2560 (2017), designating PromptPay as the first SIRPS with expanded supervisory obligations. Separately… Full module →

The BCT licenses payment institutions under Law n°2016-48; the market grew to 16 licensed payment service providers following OFT Tunisie's definitive licence in March 2026.

Non-bank market access via PI and EMI licences under Law No. 6493 (2013); CBRT competent authority since 1 Jan 2020 (operational licensing from 18 Jan 2021); ~86 licensed PI/EMIs in 2024.

Uganda's payments licensing regime is anchored in the National Payment Systems Act, 2020 (NPSA) and the National Payment Systems Regulations, 2021, which vest the Bank of Uganda (BoU) with sole authority to license operators of payment systems, payment… Full module →

The NBU operationalised its Open Banking framework in 2025, requiring account-servicing PSPs (banks) to open standardised APIs to authorised third-party providers, with authorisation for non-financial PSPs governed by a dedicated NBU procedure.

The New CBUAE Law repeals and replaces the 2018 CBUAE Law (Decretal Federal Law No. 14 of 2018), broadening the licensed-financial-activity perimeter under Article 62 to capture any person/technology facilitating a Licensed Financial Activity; existing SVF… Full module →

The UK Government announced (11 Mar 2025, ongoing through 2026) abolition of the Payment Systems Regulator, consolidating its functions into the FCA to give firms a single point of regulatory contact; APP-fraud reimbursement, safeguarding and existing conduct… Full module →

The US has NO single EMI/PI regime; it operates a dual federal/state model. Federally, money transmitters are 'Money Services Businesses' (MSBs) regulated by FinCEN under the Bank Secrecy Act; state-level Money Transmitter Licences (MTLs) authorise actual… Full module →

Alabama regulates money transmission (including virtual currency) under the Alabama Monetary Transmission Act (Ala. Code §8-7A-1 et seq.), administered by the Alabama Securities Commission (ASC) Registration Division, which replaced the 1961 Sale of Checks… Full module →

Alaska replaced its money-transmission statutes via SB 86 (Ch. 48 SLA 26, enacted 30 June 2026), bringing virtual-currency business activity within the licensing perimeter, enabling NMLS multistate registration/renewal; SB 249 (Ch. 50 SLA 26) imposes a… Full module →

Arizona regulates money transmission (including, in practice, virtual-currency/crypto exchange and transmission activity) under A.R.S. Title 6, Chapter 12, administered by DIFI. SB1580 (2022) adopted the CSBS Model Money Transmission Modernization Act. The… Full module →

Money transmission (including virtual-currency activity) in Arkansas is licensed under the Arkansas Uniform Money Services Act (Ark. Code Ann. §§ 23-55-101 et seq.), administered by the Arkansas Securities Department. Act 557 of 2025 (HB1467), effective… Full module →

California layers the federal MSB/BSA framework with the state Money Transmission Act and, as of July 1, 2026, a fully operative Digital Financial Assets Law (DFAL) licensing regime for crypto exchanges, custodians, kiosk operators and transaction… Full module →

Colorado money transmission (including crypto-adjacent fiat-leg activity) is governed by the Money Transmission Modernization Act (MTMA), C.R.S. Title 11 Art. 110, effective August 6, 2025, replacing the prior Colorado Money Transmitters Act.

US-CT has no bespoke payments/EMI licence; money transmission (including virtual-currency activity, digital wallets, and kiosks) is licensed by the CT Department of Banking under Conn. Gen. Stat. Sec. 36a-595 et seq. via NMLS, with PA 24-146 and PA 25-66… Full module →

Delaware regulates money transmission and check-selling under the Delaware Money Transmitters Act (5 Del.C. Ch.23), administered by the Office of the State Bank Commissioner via NMLS; banks/credit unions/trust companies are exempt. A 2026 legislative package… Full module →

DC regulates payments licensing through DISB under the Money Transmitters Act of 2000 (DC Code Ch.26-10), a bank-vs-nonbank dual structure typical of the US state model, with DISB also chartering DC banks/trust companies; crypto/virtual-currency activity is… Full module →

Florida uses the dual federal/state US model: money transmission is regulated at state level by the Office of Financial Regulation (OFR) under Chapter 560, F.S. OFR actively enforces against unlicensed money transmission, evidenced by a March 2026 $155,000… Full module →

Georgia regulates payments-adjacent non-bank activity (money transmission, including virtual currency) exclusively through the Department of Banking and Finance under Title 7 of the Georgia Code (O.C.G.A. §7-1-680 et seq.), applications routed via NMLS. DBF… Full module →

Hawaii's Money Transmitters Modernization Act (HRS Ch.489D) is administered by DCCA/DFI. Since 1 July 2024, standalone digital-asset activity has not required a Hawaii MT licence (regulator-interpretation-based, less durable than statutory exemptions… Full module →

Virtual-currency kiosk/exchange activity in Idaho continues to be governed solely by the generic Idaho Money Transmitters Act (Idaho Code § 26-2901 et seq.), administered by the Securities Bureau, Idaho Department of Finance. A 2026 attempt to layer… Full module →

Illinois has no bespoke crypto-asset licensing statute of general applicability to payments beyond its general money-transmitter regime (TOMA/DFPR licensing); digital-asset business activity is now carved into a parallel, dedicated regime (DACPA) rather than… Full module →

Indiana's core payments licensing backbone remains the general Money Transmission Modernization Act (IC 28-8-4.1), administered by DFI; this cycle adds a statutory carve-out clarifying non-custodial digital-asset software is not money transmission, and HEA… Full module →

Iowa regulates money transmission under Ch. 533C (IDOB via NMLS); SF2296 (2026) extends licensing to crypto-ATM kiosk operators. A May 2026 OCC interpretive letter holds the National Bank Act preempts Iowa's MTL requirement as applied to a national trust bank… Full module →

Kansas requires a money-transmitter licence under the KMTA, administered by OSBC, with a statutory surety bond; HB 2591 (2026) extends KMTA licensure to virtual-currency kiosk operators effective 1 July 2026, closing a prior licensing gap for crypto-ATM… Full module →

Kentucky runs its own money-transmitter statute (KRS Chapter 286, Subtitle 11) rather than adopting the Model Money Transmission Modernization Act. Licensing sits with DFI, administered partly through NMLS. HB741 (2024) and HB701 (2025) narrowed the… Full module →

Louisiana replaces its 1966 Sale of Checks and Money Transmission Act with the Louisiana Money Transmission Act (Act 888/HB1230), effective 2026-07-01, aligning state money-transmitter licensing with the CSBS Model Money Transmission Modernization Act and… Full module →

Maine money transmitters (including virtual-currency businesses) are licensed under 32 M.R.S. c.80 via the Money Transmission Modernization Act, administered by the BCCP through NMLS. All existing licensees must convert surety bonds to Electronic Surety Bonds… Full module →

Maryland's Money Transmission Act framework moved on three fronts this cycle: a new payroll-processor carve-out (HB 118, eff. Oct 1 2026), repeal of a stale mortgage/installment-loan-assignee licensing exemption, and finalized/expanded virtual-currency-kiosk… Full module →

Massachusetts replaced its foreign-only money-transmission licensing regime with a comprehensive domestic-and-foreign framework under Chapter 312 of the Acts of 2024 (M.G.L. c.169B), administered by the Division of Banks; licensing began January 1, 2026, with… Full module →

Michigan currently licenses money transmission under the 2006 Money Transmission Services Act; HB 5544 (passed House 97-10, June 25 2026) and companion SB 0835 would repeal it in favour of the multistate Money Transmission Modernization Act, cutting the… Full module →

Minnesota regulates money transmission under the MTMA (Ch.53B, 2023). This cycle adds: (1) HF3709 bank/credit-union virtual-currency custody framework effective 2026-08-01 (60-day Commerce Commissioner notice, mandatory segregation); (2) statewide… Full module →

Mississippi runs the standard dual federal/state MTL regime: money transmitters (including, as of HB1625, virtual currency kiosk operators) are licensed under the Money Transmission Modernization Act via NMLS, supervised by DBCF. HB1596 additionally imposes a… Full module →

Missouri repealed its legacy Sale of Checks Law and enacted the Money Transmission Modernization Act of 2024 (MTMA), effective August 28, 2024. Licensing runs through NMLS; licensees must maintain net worth >$100,000 and a surety bond. The GENIUS Act's… Full module →

Montana is the sole US state that does not operate a state-level money transmitter licensing regime; DBFI licenses adjacent activities under Title 32 MCA; a brief 2023 informal solicitation attempt was withdrawn.

Nebraska requires a money-transmitter licence under the Nebraska Money Transmitters Act (Neb. Rev. Stat. §§ 8-2701–8-2754) for issuance of payment instruments, stored value, or receipt of money for transmission, administered by NDBF. As of 2026, the Act was… Full module →

US-NV has no dedicated payments/EMI licensing regime; money transmission (including virtual-currency transmission) is licensed under NRS Chapter 671 by the Nevada Financial Institutions Division (NFID), which determines applicability case-by-case; a 2015 SB… Full module →

New Hampshire regulates money transmission under RSA 399-G, administered by the NH Banking Department via NMLS, with a licensing regime reenacted by HB 1241 (effective Oct. 22, 2024). Bank-chartered institutions are exempt; non-bank money transmitters… Full module →

New Jersey licenses money transmission under the New Jersey Money Transmitters Act (Title 17); the Act's definition captures virtual-currency/crypto activity without a bespoke VC licence, with net-worth/bonding requirements scaled to annual volume.

New Mexico operates a dual federal/state money-transmission regime under the Uniform Money Services Act (NMSA 1978 Section 58-32), administered by the Financial Institutions Division, with no state-specific EMI regime.

New York has no comprehensive EMI regime; payments businesses operate under Banking Law Art. 13-B money-transmitter licensing, and NYDFS has now issued formal proposed rulemaking (2026-07-15) to implement the BNPLA.

NC's general money-transmitter licensing regime (Ch.53, Art.16B) has been extended via new Article 26 to cover virtual-currency kiosk operators, who must hold an MTA licence and submit to Commissioner of Banks examination/reporting/supervision effective Jan 1… Full module →

North Dakota licenses money transmission under NDCC ch. 13-09.1 (Money Transmission Modernization Act, SB 2119 2023), supervised by DFI via NMLS with a $150,000 surety bond and $100,000 minimum net worth. In 2025 the state extended MTL scope to… Full module →

Ohio regulates money transmission under the state Money Transmitters Act (ORC Chapter 1315), administered by the Division of Financial Institutions (DFI) via NMLS. Licensure is required of any person receiving money for transmission from a person located in… Full module →

Oklahoma is enacting a full recodification of its money-transmission licensing regime via the Money Transmission Modernization Act (HB 3521), which repeals the existing statute outright and recodifies at 6 O.S. §1551 et seq., effective November 1, 2026. The… Full module →

Oregon regulates money transmission (incl. virtual-currency businesses, prepaid instrument sale, and check cashing) under a single non-bank licensing regime -- the Oregon Money Transmitters Act (ORS Chapter 717) -- administered by the Division of Financial… Full module →

Pennsylvania regulates money transmission (the bank-PSP vs non-bank route split point for payments) under the Money Transmission Business Licensing Law (Money Transmitter Act), 7 P.S. §§6101-6118, enforced by the Department of Banking and Securities (DoBS)… Full module →

Rhode Island regulates payments licensing through a state money-transmitter regime (RI Gen. Laws Title 19, Ch. 19-14 and 19-14.3), supervised by the Division of Banking within the Dept. of Business Regulation (DBR). Currency transmission, electronic money… Full module →

South Carolina's money-transmission regime rests on the 2024 SC Anti-Money Laundering Act, administered by the AG's Money Services Division via NMLS. 2026 has added a crypto-specific overlay: S.163 (signed May 19, 2026) exempts mining, node operation and… Full module →

SD has no bespoke EMI/PI regime; nonbank payments and virtual-currency businesses operate under the general Money Transmission Act (SDCL 51A-17). SB98 (effective 2026-07-01) explicitly folds virtual-currency kiosk operators into this MTL framework with… Full module →

Tennessee licenses money transmitters under the MTMA (Title 45 Ch.7) via NMLS, virtual currency excluded. New fiscal layer (HB2502/SB2166) taxes licensed transmitters' cross-border payments ($10 min + 2% over $500); banks exempted.

Texas regulates money transmission — including stablecoin issuance — under Texas Finance Code Chapter 152 (the Money Services Modernization Act of 2023), administered by the Texas Department of Banking. Texas takes a crypto-receptive posture: ordinary… Full module →

Utah regulates money transmission under the Title 7, Chapter 25 Money Transmitter Act via the Department of Financial Institutions (DFI) using NMLS-based licensing, alongside a distinct and nationally significant Industrial Bank (ILC) charter regime that is… Full module →

Vermont regulates money transmission (including virtual-currency business activity) under 8 V.S.A. Chapter 79, amended in 2024 (Act 110), 2025 (Act 23) and 2026 (Act 142/H.648). Act 142 extends the virtual-currency-kiosk moratorium to 1 July 2027 and adds a… Full module →

Virginia's money-transmitter framework has been comprehensively overhauled: former Chapter 19 of Title 6.2 is repealed effective July 1, 2026 and replaced by new Chapter 19.1, enacted via HB 1942 (2025 Acts of Assembly, c. 214), adopting the CSBS Money… Full module →

Washington runs a dual federal/state regime with no bespoke EMI licence: payment/money-services businesses (including virtual-currency transmitters) must hold a state Money Transmitter Licence under UMSA (RCW 19.230), administered by DFI via NMLS, layered… Full module →

West Virginia regulates money transmission under W. Va. Code §32A-2-1 et seq. (Division of Financial Institutions), with a pending 2026 bill (HB 5353) that would extend the money-transmitter licence perimeter to virtual-currency kiosk operators, requiring… Full module →

Wisconsin regulates money transmission under Chapter 217 (Model Money Transmission Modernization Law), administered by DFI; AB471 (pending, referred to Assembly Committee on Financial Institutions) would carve digital-asset activities out of this licensing… Full module →

Wyoming exempts standalone virtual-currency activity from its Money Transmitter Act (Wyo. Stat. § 40-22-104) and offers the SPDI charter as a bespoke banking-charter alternative. HB0075, signed 2026-03-06, newly brings virtual-currency kiosks under the Money… Full module →

Uruguay's payments licensing regime is anchored in Ley N°19.210 and the BCU's RNSP (Libro VII), creating the IEDE non-bank licence alongside the bank/IIF route; most recently updated via Circular 2.467/2024.

GL 56 (14 Apr 2026) broadens authorisation for US persons to negotiate contingent commercial contracts with the Government of Venezuela across all sectors, contingent on separate OFAC specific-licence authorisation before performance.

SBV is sole licensing authority under Decree 52/2024 + Circular 40/2024; non-bank firms use the 10-year IPS licence; capital VND 50bn (wallet/gateway) / VND 300bn (switching/clearing); banks act as payment service providers; no passport regime.

Zambia enacted the National Payment System Act, 2026 (repealing and replacing the National Payment Systems Act, Cap. 359 of 2007) and the Banking and Financial Services Act, 2026 (Act No. 9 of 2026, repealing the Money-lenders Act Cap. 398). Both consolidate… Full module →