Virginia's new money transmission statute is set to take effect on July 1, 2026, and will require a license to engage in money transmission under the new chapter. Proposed regulations published May 4, 2026 address tangible net worth, surety bonds, and alternative security devices.
What changed
Virginia adopted a new money transmission licensing framework and published proposed implementing regulations covering financial responsibility standards and related requirements.
Compliance perspective
Companies serving Virginia customers should confirm whether their activities fall within the new statute and prepare licensing, net worth, bonding, and operational materials ahead of July 1. Multistate money transmitters should also compare Virginia's framework to MTMA-based states and adjust licensing calendars accordingly.
Key date
Effective date: July 1, 2026.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.