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A candid 2026 cost guide to multi-state crypto money transmitter licensing---real application fee, surety bond, and net-worth ranges, the drivers that move them, and how to build a defensible per-state budget instead of trusting a single number.
The honest answer is: it depends on your business model — and on two separate layers of law. A custodial exchange almost certainly needs one; a non-custodial wallet or a miner usually does not. This guide sorts the common crypto models into who registers federally, who needs a state license, and who is outside both.
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