FinCEN Publishes Two Rulings on Virtual Currency Miners and Investors

[Johnathon]

So based on the statement that "The second states that a company purchasing and selling convertible virtual currency as an investment exclusively for the company’s benefit is not a money transmitter.", if I register an LLC and buy and sell bitcoin using an exchange for the benefit of the company, I am not subject to FinCEN? This seems contrary to all past documentation...

I'm also not sure how this would apply to being defined as a money transmitter at the state level. (I live in Iowa) - Anyone have any experience in that?

[chaoscoinz]

So If I buy coins from Coinbase I need to register with fincen?
 

I'm an individual not a company, the fine print isn't detailed enough
that is a big problem.

[Bit_Happy]

Someone on reddit summerized it that way:

This ruling clarifies the guidance and says if you are mining for your own benefit you are not a money transmitter.

The second ruling is a bit more involved, but basically says if you are a business you can purchase/speculate/use bitcoin as part of your business as long as the purchase/speculation is not your business.

No, that's not how I interpret that. The purchase/speculation can be your business, however it can only be your business, ie, it can't involve speculation/purchase on behalf of clients.

This is VERY positive overall, I believe. So far there doesn't seem to be momentum toward a fight/standoff between govt and virtual currency users. Maybe the U.S. is not quite as bad as Russia yet?  

Nice job FinCEN.

I'll try to be optimistic, but they can change their own interpretation later.