Some added info and perspective:
http://www.fincen.gov/news_room/speech/pdf/20130613.pdf
Topic: FinCEN addresses Bitcoin (Read 9074 times)
FIN-2013-G001
Issued: March 18, 2013
Subject: Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
c. De-Centralized Virtual Currencies
A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
Issued: March 18, 2013
Subject: Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
Quote
c. De-Centralized Virtual Currencies
A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
Jump to: