The Financial Crimes Enforcement Network (FinCEN) has issued a new ruling applicable to US businesses seeking to tokenize commodities for blockchain-based trading.
Despite being a response to a specific inquiry by an unnamed company, the letter could be read as broadly applicable to startups seeking to both custody physical assets and issue a digital asset for use in trading. Under such business models, FinCEN suggests startups would need to be licensed in all 50 states.
http://www.coindesk.com/fincen-rules-commodity-backed-token-services-are-money-transmitters/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CoinDesk+%28CoinDesk+-+The+Voice+of+Digital+Currency%29
Topic: FinCEN Rules Commodity-Backed Token Services are Money Transmitters (Read 636 times)
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