FinCEN Publishes Two Rulings on Virtual Currency Miners and Investors - page 2.

acoindr

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Quote from: knight22 on January 30, 2014, 07:36:05 PM

Someone on reddit summerized it that way:

Quote

This ruling clarifies the guidance and says if you are mining for your own benefit you are not a money transmitter.

The second ruling is a bit more involved, but basically says if you are a business you can purchase/speculate/use bitcoin as part of your business as long as the purchase/speculation is not your business.

No, that's not how I interpret that. The purchase/speculation can be your business, however it can only be your business, ie, it can't involve speculation/purchase on behalf of clients.

This is VERY positive overall, I believe. So far there doesn't seem to be momentum toward a fight/standoff between govt and virtual currency users. Maybe the U.S. is not quite as bad as Russia yet? Wink

Nice job FinCEN.

Peter R

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WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN) today published two administrative rulings, providing additional information on whether a person’s conduct related to convertible virtual currency brings them within the Bank Secrecy Act’s (BSA) definition of a money transmitter. The first ruling states that, to the extent a user creates or “mines” a convertible virtual currency solely for a user’s own purposes, the user is not a money transmitter under the BSA. The second states that a company purchasing and selling convertible virtual currency as an investment exclusively for the company’s benefit is not a money transmitter.

Good news. Miners and presumably "hashers" are not money transmitters.

How does this forum interpret this as applied to operators of mining pools?

knight22

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http://www.fincen.gov/news_room/nr/pdf/20140130.pdf

Someone on reddit summerized it that way:

Quote

This ruling clarifies the guidance and says if you are mining for your own benefit you are not a money transmitter.

The second ruling is a bit more involved, but basically says if you are a business you can purchase/speculate/use bitcoin as part of your business as long as the purchase/speculation is not your business.

Topic: FinCEN Publishes Two Rulings on Virtual Currency Miners and Investors - page 2. (Read 4151 times)