Topic: Definition of MSB / FinCEN Questions for a bitcoin startup... (Read 974 times)
thanks!!!
In their guidance letter (and in the exemption sections of the definitions of MSB & MT) FinCEN clearly indicates that an entity buying goods or services* for Bitcoins is not a MSB and that if money transmission occurs as a result of the sales of goods & services one is not a MT.
* Don't try to be foolish and pretend you are selling the "goods" of a $100 bill for BTC and thus not a money service business.
* Don't try to be foolish and pretend you are selling the "goods" of a $100 bill for BTC and thus not a money service business.
I'm in the process of reviewing legalities relating to opening a business with BTC as my only form of accepting payments for goods. Does anyone have insight as to how the two following FinCEN guides/regulations would affect me if I'm only accepting BTC:
http://fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
http://fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
I've seen a number of threads relating to entities like mt.gox, bitinstant, etc. but are there any particular threads discussing the implications of taking payments for goods or services and the relation/status as a MSB?
Thanks,
scottybitcoin
http://fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
http://fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
I've seen a number of threads relating to entities like mt.gox, bitinstant, etc. but are there any particular threads discussing the implications of taking payments for goods or services and the relation/status as a MSB?
Thanks,
scottybitcoin
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