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Title: Does the IRS determination as property overrule FINCEN MSB stuff? Post by: Bitware on March 27, 2014, 03:21:18 AM If BTC's are property according to the IRS, do FINCEN MSB regulations still apply?
Title: Re: Does the IRS determination as property overrule FINCEN MSB stuff? Post by: cp1 on March 27, 2014, 03:22:51 AM I'm sure it means there's now two ways you can go to jail.
Title: Re: Does the IRS determination as property overrule FINCEN MSB stuff? Post by: gentlemand on March 27, 2014, 04:09:18 AM I don't get the impression these agencies talk to each other very much. The answer is quite possibly a no.
Title: Re: Does the IRS determination as property overrule FINCEN MSB stuff? Post by: dwolfman on March 27, 2014, 09:31:23 AM Each agency covers different things.
IRS, purely looks at it from the taxation perspective, as that is what their mandate is. FINCEN, all they care about is how someone handles their money, nothing to do with whether it's taxed or not. So, yeah, just more ways to go to jail. Title: Re: Does the IRS determination as property overrule FINCEN MSB stuff? Post by: mattdot on March 28, 2014, 01:01:00 AM The IRS referenced FINCEN in it's report.
http://www.irs.gov/pub/irs-drop/n-14-21.pdf Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin is one example of a convertible virtual currency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies. For a more comprehensive description of convertible virtual currencies to date, see Financial Crimes Enforcement Network (FinCEN) Guidance on the Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (FIN-2013-G001, March 18, 2013). |