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Title: What do the new FinCEN rules mean to the Bitcoin ecosystem ? Post by: jambola2 on October 29, 2014, 11:21:48 PM These seem to be laws governing exchanges ?
What impact will this classification of exchanges as "money transmitters" have on the average Bitcoin user ? Title: Re: What do the new FinCEN rules mean to the Bitcoin ecosystem ? Post by: MicroGuy on October 29, 2014, 11:44:59 PM These seem to be laws governing exchanges ? What impact will this classification of exchanges as "money transmitters" have on the average Bitcoin user ? According to Andrew Ittleman, an attorney at Fuerst Ittleman David & Joseph, PL, it could mean that any business that wants to accept Bitcoin, would need to fork over hundreds of thousands of dollars to become licensed as a money transmitter in each state, in addition to several other requirements. "It seems to me that, according to FinCEN, any company that’s dealing with bitcoin is a money transmitter, and I don’t know if I could have said that before before I read the payment processor note." Basically, if this attorney is correct, the rulings are the equivalent of a ban on Bitcoin in the United States. http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/ |