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Author Topic: FinCEN addresses Bitcoin  (Read 7966 times)
Maged
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March 19, 2013, 12:21:54 AM
 #1

FIN-2013-G001
Issued:    March 18, 2013
Subject:    Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

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c. De-Centralized Virtual Currencies

            A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.

            A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

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June 15, 2013, 06:56:24 AM
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Some added info and perspective:
http://www.fincen.gov/news_room/speech/pdf/20130613.pdf

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