Big changes are coming to the major exchanges. I can answer any questions regarding MSB requirements, state and federal. BitPay, Coinbase, and others will be required to obtain registration as well as licensure.
How quickly do you see these changes being implemented? Only via US based exchanges? How are international exchanges going to be handled (ei: blacklisted in US)?
I am assuming you are affiliated with some of the organizations applying these new regulations? Were some laws passed recently?
Thanks for any info you can share, the better folks are educated the greater we'll see folks comply; as far as US customers. I for one have been waiting for something like this to occur; I figured it was just a matter of time.
cheers.
(if you can't answer any of those questions and don't do so quickly; everybody will know what you are... cough cough... troll... cough cough)
The changes will come soon because here is how it works:
Any bank associated with an exchange or BitCoin payments operator is affected, for example: Coinbase has a contract with US Bank, a huge institution. US Bank will be very well versed in all of the upcoming regulations including the one issued by FinCEN today. (See the link in my other post) US Bank must report to FinCEN any relationship with a "money transmitter" or "money services business (MSB)" especially if they are considered "unlicensed" (state req) or "unregistered" (fed req). This means that Coinbase is going to receive high scrutiny immediately from their
partnering institution!
Any time you want to attach a bona fide US money service, which specializes in moving US dollars, doesn't matter which, and that institution is a financial institution, meaning a bank, check casher, wiring service, or money transmitter, the rules will apply. It will be a certainty that purchasing BitCoins using any of these services will now get harder (or at least slower) soon. I don't care what "black market" or alternative routes there are, you will not see US institutions readily interfacing with them. Therein lies the challenge.
