Obtaining crypto licenses, white label consulting,
ICO/STO, supporting NFT marketplaces, drafting policies
for crypto projects, DAOs, and gamify projects
A crypto license in Montana is, in practice, a Montana company plus federal MSB registration with FinCEN. Montana is the only US state with no money transmitter licensing law. For a crypto exchange, OTC desk, custodial wallet or payment business, this makes Montana one of the fastest and most cost-efficient ways to enter one of the largest and most developed crypto markets in the world.
SBSB Fintech Lawyers sets up the full structure remotely: a Montana LLC, EIN, FinCEN MSB registration, business plan, AML/CFT documentation, an AML compliance officer and a corporate bank account.
Montana Crypto License at a Glance
A Montana crypto business needs no state money transmitter license. It needs a local company and federal MSB registration with FinCEN.
| Parameter | Montana |
|---|---|
| State money transmitter license | Not required. The Montana Division of Banking and Financial Institutions does not regulate money transmitters |
| Federal requirement | FinCEN MSB registration (FinCEN Form 107) |
| Legal entity | LLC or corporation, filed with the Montana Secretary of State |
| State filing fee | $35 (LLC Articles of Organization) |
| Annual state fee | $20 annual report |
| Minimum share capital / net worth | None |
| Surety bond / guarantee deposit | None |
| Local office or staff | Not required; a registered office (registered agent) is enough |
| Sales tax / franchise tax | None |
| Remote setup | Yes, no visit to the US |
| Typical timeline | About 3–4 months, including bank account opening |
| FinCEN renewal | Every 2 years |
Do You Need a Crypto License in Montana?
Montana does not require a state license for crypto exchange, transfer or custody. Federal MSB registration is still mandatory. Montana has never adopted a money transmitter statute, and Montana crypto laws do not define “money transmission” at all.
The state regulator confirms this. The Montana Division of Banking and Financial Institutions states that it does not regulate money transmitters. In 2023 the Division briefly asked transmitters for business plans and flow-of-funds charts, then withdrew the request for lack of authority.
What Montana crypto laws still apply
- Federal Bank Secrecy Act. Under FinCEN guidance FIN-2019-G001, exchangers and administrators of convertible virtual currency are money transmitters. They must register as an MSB and maintain a risk-based AML program under 31 CFR 1022.210.
- Other states’ laws. State licensing follows the customer’s location. Based on current state practice, clients in Wyoming, Utah, South Carolina, New Hampshire, Hawaii, Indiana and Massachusetts can generally be onboarded without a separate state license for virtual currency activity. In other states, a local Money Transmitter License or another license may be required, such as the BitLicense in New York. State positions change, so we confirm the list for your business model before launch.
- Adjacent state licenses. Montana licenses consumer finance companies, escrow businesses, retail sales finance companies and mortgage entities through NMLS. A crypto model that lends, holds escrow or finances purchases may need one of these.
- Stablecoins. Issuing a US payment stablecoin requires approval under the federal GENIUS Act. MSB registration alone is not enough.
- Mining. Montana’s “right to mine” law, HB 178 (2023), protects digital asset mining from discriminatory zoning and utility rates.
Bottom line: a Montana MSB is a legitimate US crypto structure for Montana cryptocurrency businesses, but it is not a 50-state passport. It suits businesses serving non-US clients and clients in states where no separate license is triggered.
Our Montana Crypto License Services
SBSB Fintech Lawyers delivers a turnkey Montana crypto license: company, federal registration, compliance documents and banking under one contract.
Montana Company Formation (LLC / Corporation)
We advise on the company structure, check name availability and file Articles of Organization (LLC) or Articles of Incorporation (corporation) with the Montana Secretary of State. We provide a Montana legal address and registered agent for the first year, pay the government fee, prepare the incorporation documents and obtain an EIN (Employer Identification Number) from the IRS. Foreign founders do not need an SSN or ITIN.
FinCEN MSB Registration (Form 107)
We prepare and submit the full set of registration forms to FinCEN through the BSA E-Filing System and handle all communication with FinCEN. We select the correct MSB activities, list the states of operation and name the responsible person. Once accepted, the company appears in the public FinCEN MSB Registrant Search. This is the core of your Montana MSB registration.
AML/KYC Program & Compliance Documentation
We draft a business plan and a written AML/CFT program that meets 31 CFR 1022.210:
- AML/CFT policy and business-wide risk assessment
- KYC/CDD and enhanced due diligence procedures
- Transaction monitoring and blockchain analytics rules
- Suspicious Activity Report procedure (SAR threshold: $2,000)
- Currency Transaction Reports for cash transactions over $10,000
- Recordkeeping and Travel Rule for transfers of $3,000 or more
- OFAC sanctions screening
- Recordkeeping (5 years) and staff training plan
On request, we also prepare website policies (Terms of Use, Privacy Policy, Cookies Policy, External AML Policy) and a package of client contracts.
Compliance Officer Appointment (in-house or outsourced)
Every MSB must have an AML compliance officer responsible for developing and maintaining the AML/CTF program. The officer must have relevant knowledge and experience, but US residency is currently not required. FinCEN’s April 2026 proposed AML/CFT program rule would require this officer to be located in the United States, and we structure the role with that in mind. On request, we search for and present three alternative AML officer candidates.
Bank & Payment Provider Account Opening Support
We prepare the bank compliance package including business plan and AML program. We then open a corporate account, usually with an EU financial institution, and introduce you to crypto-friendly EMIs and payment providers that onboard registered MSBs. Additional corporate accounts and help finding financial partners are available on request.
Ongoing Compliance & Annual Independent AML Audit
From the second year of operation, we renew the registered agent and legal address, file the Montana annual report (due April 15) and renew the FinCEN registration every two years. We update Form 107 when ownership, agents or activities change. We also conduct the independent AML review that FinCEN requires and that banks request at every periodic review. No statutory financial audit is required for a Montana MSB.
Which Crypto Businesses Can Operate with a Montana MSB
Most custodial crypto and payment models that move or exchange customer value fit a Montana MSB license, provided clients are outside the US or in states where no separate license applies. The same registration also covers prepaid access and stored value services and cross-border money transfers, including blockchain-based remittances.
| Business model | MSB registration needed? | Key notes |
|---|---|---|
| Crypto exchange (crypto-to-crypto, crypto-to-fiat) | Yes, as an exchanger of CVC | Full AML program, Travel Rule, blockchain analytics; banks expect a detailed flow-of-funds chart |
| OTC desk | Yes | Enhanced due diligence on large counterparties; source-of-funds checks |
| Custodial (hosted) wallet | Yes, as a money transmitter | The provider controls customer keys |
| Crypto payment service / payment processor | Yes, unless the payment-processor exemption applies | The exemption requires acting only for a merchant through clearing and settlement systems |
| Stablecoin business | Yes for exchange or transfer; issuance needs more | Issuing a US payment stablecoin requires permitted-issuer status under the GENIUS Act |
| Crypto ATM / kiosk operator | Yes | Many states now have separate kiosk laws with transaction caps; check each state of operation |
Who does not need MSB registration
- Non-custodial (unhosted) wallet software, where users control their own keys
- Users trading for their own account with their own funds
- Miners and validators using rewards for their own purposes
- Software and protocol developers publishing code or DeFi applications without accepting or transmitting value
- Merchants accepting crypto for their own goods and services
- Token issuers raising capital, which is usually a securities question for the SEC rather than an MSB question
- Pure software vendors to licensed firms and other businesses outside the MSB definition under 31 CFR 1010.100(ff)
Each model is assessed on its facts. Where the line is unclear, including possible securities law requirements, a short legal opinion removes doubt for banks and partners.
Requirements to Get a Crypto License in Montana
The requirements are light: one shareholder, a qualified director, a registered agent, an AML officer, MSB registration and a written AML program. There is no capital minimum, bond, guarantee deposit or state exam.
Requirements for shareholders, directors and staff
- At least one shareholder, who can be a natural person or a legal entity, of any nationality
- All founders, shareholders and employees must be in good standing, with no criminal record and a good business reputation
- Shareholders must be able to prove the source of funds
- At least one individual director with experience in the financial sector (can be a shareholder)
- An AML compliance officer with appropriate knowledge and experience
Corporate and office requirements
- A Montana registered agent with a physical street address in the state; no real office lease is required
- A company name ending in “LLC”, “L.L.C.” or “Limited Liability Company” for an LLC
- EIN from the IRS
Federal reporting requirements
- FinCEN Form 107 filed within 180 days of starting MSB activity
- Suspicious Activity Reports (SAR) for transactions of $2,000 or more
- Records for certain transactions, including those over $3,000, under the BSA
- Currency Transaction Reports for cash over $10,000
- A list of agents, if any, kept and updated annually
- Independent review of the AML program
Required documents
For company incorporation:
- 3 variants of the company name
- Personal documents of each UBO, director and AML officer
For each shareholder, director and UBO:
- International passport in English
- Proof of address (bank statement or utility bill) in English, not older than 3 months
- CV in English, dated and signed
- Proof of funds in English
- Contact details: telephone and email
For the AML compliance officer (no US residency required):
- International passport in English
- Proof of address (bank statement or utility bill) in English
- CV in English, dated and signed
For corporate shareholders:
- Apostilled Certificate of Incorporation / Registration
- Register of directors and shareholders
- Ownership structure up to the ultimate beneficial owner
For MSB registration:
- Description of the business model
- Website
Banks may request additional documents depending on the shareholder structure.
How to Get a Crypto License in Montana: Step-by-Step
The whole process runs remotely and usually takes about 3–4 months, including corporate account opening.
- Contract, prepayment and documents. We review the business model, confirm which MSB activities apply and which states you can serve, and collect the required documents.
- Montana company registration (month 1). We file the formation documents with the Montana Secretary of State, appoint the registered agent and obtain the EIN.
- Business plan and AML/CFT policies (about 3 weeks). We draft the full compliance pack and appoint the AML officer.
- FinCEN MSB registration (month 2). We prepare and file Form 107 and handle communication with FinCEN.
- Corporate account opening (from 5 weeks, months 3–4). We submit the compliance package to the bank and support you through its KYC review.
Montana Crypto License Cost & Timeline
Montana is one of the most cost-efficient US states for setting up a crypto business. There are no capital, net worth or guarantee deposit requirements. The main part of the budget is the legal, compliance and banking work, which we offer as a fixed-price turnkey package paid in stages.
Government fees and financial requirements
| Item | Fee / requirement |
|---|---|
| Application fee | $1,500 USD |
| Minimum net worth | Not applicable |
| Guarantee deposit | Not applicable |
| Annual filing fee (state maintenance fee) | $20 USD |
| Sales & use tax | Not applicable |
| Franchise tax | None |
How Long Does It Take to Get a Montana Crypto License?
| Stage | Duration |
|---|---|
| Company registration and EIN | Month 1 |
| Business plan and AML/CFT policies | About 3 weeks |
| FinCEN MSB registration, including communication with FinCEN | Month 2 |
| Corporate account opening | From 5 weeks |
| Total | About 3–4 months |
Montana Crypto Tax: Federal and State Rates for Crypto Companies
| Tax | Rate / description |
|---|---|
| Federal corporate income tax | 21%, only if the LLC elects corporate tax status (or for a C corporation) |
| Montana corporate income tax | 6.75%, $50 minimum, for companies taxed as corporations |
| LLC (default) | Pass-through: no entity-level income tax; members are taxed on their share. Foreign members without US-source business income may owe no US income tax |
| Montana individual income tax | 4.7% / 5.65% (2026), on Montana-source income only |
| Annual state fee | $20 annual report |
| Sales & use tax | None |
| Franchise tax | None |
For Montana crypto tax purposes, the IRS treats digital assets as property, and brokers report on Form 1099-DA. A foreign-owned single-member LLC must file Form 5472 every year, even with no US income.
Montana vs Other US States for Crypto Licensing
Montana is the only state with no money transmitter regime at all. Wyoming is the closest alternative: it exempts virtual currency from its Money Transmitters Act but still licenses fiat transmission.
Montana vs Wyoming
| Criterion | Montana | Wyoming |
|---|---|---|
| Money transmitter law | None; the Division of Banking does not regulate transmitters | Wyoming Money Transmitters Act, administered by the Wyoming Division of Banking |
| Crypto treatment | Not addressed; no license | Virtual currency exempt since HB 19 (2018) |
| Fiat-to-crypto exchange | No state license | The scope of the exemption for the fiat leg is not settled by official guidance; some firms still hold a Wyoming license |
| Bond / net worth | None | Required for licensed transmitters |
| LLC formation fee | $35 | $100 |
| Annual state fee | $20 annual report | From $60 annual license tax |
| Corporate income tax | 6.75% | None |
| Crypto-specific options | None | SPDI bank charter, DAO LLC, digital asset property law |
| Best for | Fastest and most cost-efficient MSB for non-US and exempt-state clients | Projects needing a bank charter or DAO structure |
Montana vs high-regulation states
When choosing a cryptocurrency license in USA, keep in mind that states such as New York and California license crypto activity separately. New York requires a BitLicense from NYDFS, and California’s Digital Financial Assets Law requires a DFPI license. Those regimes involve capital, bonds and months of review. Montana avoids them by design, but a Montana MSB cannot be used to serve customers in those states.
Pros and Cons of a Montana Crypto License
Montana wins on speed, cost and simplicity. Its limits are geographic reach and bank scrutiny.
| Pros | Cons |
|---|---|
| Access to one of the biggest crypto markets in the world | Does not authorize serving customers in states that license crypto |
| Multipurpose: fiat and crypto services, custody of client funds and crypto wallets | Banks review MSBs closely; a strong AML pack is essential |
| No state money transmitter license, bond, net worth or guarantee deposit | Full federal BSA/AML obligations apply |
| No requirement for a local office or staff | Regulatory position could change if Montana adopts a statute |
| No statutory financial audit; light state reporting | Not a substitute for GENIUS Act stablecoin approval |
| Relatively fast corporate and registration process | Foreign-owned LLCs face annual IRS reporting (Form 5472) |
| No sales tax or franchise tax | Corporate-taxed entities pay 6.75% Montana tax |
Why Choose SBSB Fintech Lawyers
If you need a crypto license in Montana, contact SBSB Fintech Lawyers. We have specialized in FinTech, crypto and gambling projects since 2013, building tailor-made solutions around each client’s business model. We will assess whether a Montana MSB registration fits your project, set up your Montana company, prepare the business plan and AML/CFT documentation, and handle your FinCEN registration and corporate account opening. Our team provides full legal support from the first consultation through to the launch of your crypto business in the US.
FAQ About the Montana Crypto License
Is Montana the only state without a money transmitter license?
Yes. Montana is the only US state with no money transmitter licensing statute, and its Division of Banking and Financial Institutions confirms it does not regulate money transmitters. All other states and Washington, D.C. license money transmission in some form.
Can a Montana MSB serve customers in other states?
Only where the other state does not require its own license for your activity. FinCEN registration is federal, but state licensing follows the customer’s location. Under current state practice, clients in Wyoming, Utah, South Carolina, New Hampshire, Hawaii, Indiana and Massachusetts can generally be onboarded without a separate license for virtual currency activity. Serving residents of New York, California or most other states usually requires their license.
Can non-US founders get a crypto license in Montana?
Yes. Montana places no nationality or residency limits on members, managers or directors. Foreign founders obtain an EIN without an SSN and register with FinCEN like any US company. The AML compliance officer also does not currently need to be a US resident.
Do I need a physical office in Montana?
No. A registered office through a Montana registered agent is enough for official mail and service of process. There is no requirement to rent a real office or hire local staff.
How much does a crypto license in Montana cost?
State fees start at $35 for an LLC and $20 per year for the annual report, and FinCEN registration is free. There is no minimum capital, bond or guarantee deposit. The total budget depends mainly on the legal, AML and banking work, which we offer as a fixed-price turnkey package paid in stages.
How often must FinCEN registration be renewed?
Every two years, by December 31 of the second calendar year after the initial registration. A company must also re-register within 180 days after a change of control, a transfer of more than 10% of voting power or equity, or a more than 50% increase in agents. Keeping an MSB license Montana company in good standing also means filing the state annual report each April.
Will US banks open an account for a Montana MSB?
Yes, but selectively, and EU financial institutions are often the faster route. Banks and payment providers ask for the FinCEN acknowledgment, a written AML program, a business plan, a flow-of-funds chart, KYC on owners and source-of-funds evidence. A well-prepared compliance pack and a legal opinion on the business model significantly raise approval chances.
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