The IRS referenced FINCEN in it's report.
http://www.irs.gov/pub/irs-drop/n-14-21.pdf
Virtual currency that has an equivalent value in real currency, or that acts as a
substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin is one
example of a convertible virtual currency. Bitcoin can be digitally traded between users
and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or
virtual currencies. For a more comprehensive description of convertible virtual
currencies to date, see Financial Crimes Enforcement Network (FinCEN) Guidance on
the Application of FinCEN’s Regulations to Persons Administering, Exchanging, or
Using Virtual Currencies (FIN-2013-G001, March 18, 2013).
Topic: Does the IRS determination as property overrule FINCEN MSB stuff? (Read 756 times)
March 27, 2014, 04:31:23 AM
Each agency covers different things.
IRS, purely looks at it from the taxation perspective, as that is what their mandate is.
FINCEN, all they care about is how someone handles their money, nothing to do with whether it's taxed or not.
So, yeah, just more ways to go to jail.
IRS, purely looks at it from the taxation perspective, as that is what their mandate is.
FINCEN, all they care about is how someone handles their money, nothing to do with whether it's taxed or not.
So, yeah, just more ways to go to jail.
March 26, 2014, 11:09:18 PM
I don't get the impression these agencies talk to each other very much. The answer is quite possibly a no.
March 26, 2014, 10:22:51 PM
I'm sure it means there's now two ways you can go to jail.
March 26, 2014, 10:21:18 PM
If BTC's are property according to the IRS, do FINCEN MSB regulations still apply?
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