What you say is "completely wrong" is absolutely right. There are only 6 types of MSBs. No more, no less. They all have exact definitions in the eCFR. When registering as a MSB you must select one or more of the following six types. You can't select none, you can't write in a new type. All MSBs must be one these six.
(1) Currency dealer or exchanger.
(2) Check casher.
(3) Issuer of traveler's checks, money orders or stored value.
(4) Seller or redeemer of traveler's checks, money orders or stored value.
(5) Money transmitter.
(6) U.S. Postal Service.
The law doesn't allow any other type of MSB.
Oh really? Show me where in the BSA it defines "stored value" or "prepaid access". It's not there. These are just new categories of money transmitting businesses that FinCEN added to the regulations. In 2011, they removed "stored value" and added "prepaid access".
The above aren't money transmitting businesses. Money transmitter is a money transmitting business. The BSA gives FinCEN the authority to consider the following financial institutions.
(2) “financial institution” means—
(A) an insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813 (h)));
(B) a commercial bank or trust company;
(C) a private banker;
(D) an agency or branch of a foreign bank in the United States;
(E) any credit union;
(F) a thrift institution;
(G) a broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.);
(H) a broker or dealer in securities or commodities;
(I) an investment banker or investment company;
(J) a currency exchange;
(K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, or similar instruments;
(L) an operator of a credit card system;
(M) an insurance company;
(N) a dealer in precious metals, stones, or jewels;
(O) a pawnbroker;
(P) a loan or finance company;
(Q) a travel agency;
(R) a licensed sender of money or any other person who engages as a business in the transmission of funds, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system;
(S) a telegraph company;
(T) a business engaged in vehicle sales, including automobile, airplane, and boat sales;
(U) persons involved in real estate closings and settlements;
(V) the United States Postal Service;
(W) an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this paragraph;
(X) a casino, gambling casino, or gaming establishment with an annual gaming revenue of more than $1,000,000
(Y) any business or agency which engages in any activity which the Secretary of the Treasury determines, by regulation, to be an activity which is similar to, related to, or a substitute for any activity in which any business described in this paragraph is authorized to engage; or
(Z) any other business designated by the Secretary whose cash transactions have a high degree of usefulness in criminal, tax, or regulatory matters.
http://www.law.cornell.edu/uscode/text/31/5312FinCEN added stored value and later expanded it to prepaid access under the authority that the Secretary of the Treasury determined that "gift cards" were similar to one of the other categories. IIRC it was "(K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, or similar instruments". However even that is subject to public input and review. FinCEN didn't do that with Bitcoin they simply deemed "virtual currency broker/exchanger" = "money transmitter" which is just nonsense.
http://www.govtrack.us/congress/bills/111/hr2893Still that wasn't really the point I should have said regs not laws. The eCFR and related forms, registrations, reporting, etc has no reference to "virtual currency exchanger". There are only the 6 types of MSBs listed above. Contrary to the view of another poster, you couldn't register as a "virtual currency exchanger" even if you wanted to.