Topic: 2013-12-10 Few Bitcoin-Related License Requests Reported by State Agencies (Read 520 times)
December 11, 2013, 05:45:57 PM
I guess it's safe to assume this is good news that there are those willing to jump threw hoops in order to hold a license and conduct business via bitcoins. Opinions and other interpretations are welcome.
December 09, 2013, 09:17:42 PM
http://www.bloomberg.com/news/2013-12-09/few-bitcoin-related-license-requests-reported-by-state-agencies.html
State financial regulators have received few applications for licensing Bitcoin businesses even as they’ve handled many inquiries about them, according to David Cotney, the commissioner of banks in Massachusetts.
The licensing inquiries came after the Treasury Department’s Financial Crimes Enforcement Network said in March that companies that trade virtual currencies including Bitcoin are considered money transmitters for the purpose of complying with anti-money-laundering rules. Money transmitters, which include Western Union Co. (WU) and MoneyGram International Inc. (MGI), require licenses in most states.
State financial regulators have received few applications for licensing Bitcoin businesses even as they’ve handled many inquiries about them, according to David Cotney, the commissioner of banks in Massachusetts.
The licensing inquiries came after the Treasury Department’s Financial Crimes Enforcement Network said in March that companies that trade virtual currencies including Bitcoin are considered money transmitters for the purpose of complying with anti-money-laundering rules. Money transmitters, which include Western Union Co. (WU) and MoneyGram International Inc. (MGI), require licenses in most states.
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