Topic: Trying to understand the new regulatory "guideline" .. do I have it correct? (Read 1021 times)

fgmnp

donator

Activity: 29

Merit: 252

Quote from: notig on March 19, 2013, 08:29:07 AM

Even users or miners who sell bitcoins on an exchange are not directly affected because it is the exchanges responsibility to deal with the money transmitter stuff.

Does the guideline imply that *users* who trade bitcoins for speculation or arbitrage or investment are not considered MSBs? If so, where exactly does it make that exemption?

The only exception it seemed to make even for users is when they purchase goods or services...

notig

sr. member

Activity: 294

Merit: 250

Here is what I understand....

Regular users of bitcoin who spend bitcoins are not directly affected. Even users or miners who sell bitcoins on an exchange are not directly affected because it is the exchanges responsibility to deal with the money transmitter stuff.

Businesses who accept bitcoins and keep the bitcoins are not affected. Businesses that accept bitcoin but use something like bitpay to sweep their accounts and turn it into cash are not directly affected because it's up to bitpay to deal with the money licensing issues. And if bitpay uses an exchange to sell then it's not up to them and it still falls back to just the exchange.

The greatest users affected by this are "localbitcoins" users since they will be considered money transmitters. However... usually the amount they sell is small so it might not draw much attention.

These are guidelines and not actual regulations.

Do I have things clear so far?

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