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Topic: new FINCEN report on bitcoin - page 2. (Read 2724 times)

legendary
Activity: 1050
Merit: 1002
April 20, 2013, 04:38:54 PM
#6
Quote
Those who are intermediaries in the transfer of virtual currencies from one person to
another person, or to another location, are money transmitters that must register with FinCEN as
MSBs unless an exception applies. Some virtual currency exchangers have already registered
with FinCEN as MSBs, though they have not necessarily identified themselves as money
transmitters.

Is it the end of unregistered exchanges?

This makes it more of a pain in the rear to operate any kind of Bitcoin/crypto-currency (or other virtual currency) exchange if you're based in the U.S., at least in a complying above ground way.
legendary
Activity: 4214
Merit: 4458
April 20, 2013, 04:30:46 PM
#5
in short they are still looking into it and ensuring all of the FIAT to bitcoin businesses register as money transmitters.

so yea nothing new. all they care about is the fiat side of things
legendary
Activity: 2142
Merit: 1009
Newbie
April 20, 2013, 04:30:15 PM
#4
Quote
Those who are intermediaries in the transfer of virtual currencies from one person to
another person, or to another location, are money transmitters that must register with FinCEN as
MSBs unless an exception applies. Some virtual currency exchangers have already registered
with FinCEN as MSBs, though they have not necessarily identified themselves as money
transmitters.

Is it the end of unregistered exchanges?
member
Activity: 81
Merit: 10
April 20, 2013, 04:26:20 PM
#3
Nothing new.
legendary
Activity: 1050
Merit: 1002
April 20, 2013, 04:23:18 PM
#2
Looks good. Haven't had time to read all of it yet but they refer to Bitcoin by name this time, even mentioning all the attention it's getting. Seems they are trying to clarify the earlier guidance.
hero member
Activity: 504
Merit: 500
April 20, 2013, 04:15:02 PM
#1
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