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Fin-2013-G001

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

Abstract

On March 18, 2013, the Financial Crimes Enforcement Network issued interpretive guidance clarifying the applicability of the regulations implementing the Bank Secrecy Act to persons creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies such as Bitcoin. The guidance explains only how FinCEN characterizes certain activities involving virtual currencies under the Bank Secrecy Act and FinCEN regulations. Under FinCEN’s rules a Bitcoin miner may be an administrator. This guidance clarified that Bitcoin exchanges are considered money transmitters and are required to obtain all proper licenses to conduct business in the United States. This registration and licensing process includes the federal registration as a money service business.

Suggested Citation

  • P. Carl Mullan, 2014. "Fin-2013-G001," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 18, pages 118-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_19
    DOI: 10.1057/9781137382559_19
    as

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