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FinCEN Declares Bitcoin Miners, Investors Arenít Money Transmitters
Coin Desk ^ | 30 January 2014 | Pete Rizzo

Posted on 01/30/2014 7:40:45 PM PST by Errant

The US Financial Crimes Enforcement Network (FinCEN) published two new rulings on 30th January that aim to bring clarity as to which players in the virtual currency space will fall under the Bank Secrecy Act’s (BSA) definition of a money transmitter.

FinCEN said that miners who mine virtual currency for their own use, as well as companies that purchase and sell convertible virtual currency solely as an investment aren’t subject to this law.

(Excerpt) Read more at coindesk.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: bitcoin; currency; fincen; miners
To read the full release, click here.
1 posted on 01/30/2014 7:40:45 PM PST by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

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2 posted on 01/30/2014 7:41:45 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

wouldnt anyone running a garage sale be a ‘money transmitter’ by exchanging cash for goods?

wouldn’t someone that exchanges a service for cash, ie: mowing a lawn, also be a ‘money transmitter’

what crap


3 posted on 01/30/2014 9:59:55 PM PST by sten (fighting tyranny never goes out of style)
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To: sten

Money transmitters are those companies that rake cash, and either electronically or other means, transfer that money to another, anywhere in the world.its not the same thing as someone paying someone else for a service. Think western union and all of those currency exchange places online.


4 posted on 01/30/2014 10:48:16 PM PST by AnAmericanInEngland
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To: AnAmericanInEngland

do... like those places you would send your US dollars into in exchange for bitcoins in an account. ie: MtGox

sounds like they’re trying to stop the flow of dollars into btc

good luck with that


5 posted on 01/30/2014 11:13:36 PM PST by sten (fighting tyranny never goes out of style)
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