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Author Topic: FinCEN’s Regulations for virtual currencies  (Read 3366 times)
phlogistonq
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March 19, 2013, 12:57:09 AM
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Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

FIN-2013-G001
Issued: March 18, 2013 

http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf


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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.

So, does this mean bitcoin is officially recognized / tolerated as a valid currency?
If so, that would be most excellent news!
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Severian
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March 19, 2013, 01:00:26 AM
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Nice link. Hi .gov folks.
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March 19, 2013, 01:05:22 AM
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seems so... but this could provoke another rally (tomorrow maybe?) and and we just came from one...


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phlogistonq
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March 19, 2013, 01:07:15 AM
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Or the current rally precipitated -because- of this news, by people that caught it early.
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March 19, 2013, 03:05:20 AM
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Wow, what are the implications of this?   What do we need to do to be compliant?

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March 19, 2013, 04:20:34 AM
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Wow, what are the implications of this?   What do we need to do to be compliant?
Exercise regularly, yoga or pilates is good, stretch often, bend-over as much as you can .... always doff your hat to your superiors.

BTCINVESTOR
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March 19, 2013, 07:50:27 AM
 #7

Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

FIN-2013-G001
Issued: March 18, 2013 

http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf


Quote
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.

So, does this mean bitcoin is officially recognized / tolerated as a valid currency?
If so, that would be most excellent news!

See my thread entitled "I am a certified Anti-Money Laundering agent. (AMLCA)"

https://bitcointalk.org/index.php?topic=154754.0;topicseen

Math based currencies will overcome all sovereign currencies over time. Buy them now.
HiveLibrary
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March 21, 2013, 06:11:46 AM
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See my thread entitled "I am a certified Anti-Money Laundering agent. (AMLCA)"

https://bitcointalk.org/index.php?topic=154754.0;topicseen

Bitcoin is not a currency. It is a security service for transactions. Some of us are about rock Wall Street's world.

Tell me what kind of relevance will licensing have for say the following:
A security service designed to jump start economies in storm hit areas. Duration: 24 hours, 7 days, 1 month.
A security service designed around economic fly wheels not conveyor belts. Mental breakdown for desk jockeys at FinCen: IMMEDIATE.
A security service designed to exchange currencies without a server interface. Duration: nanoseconds.
A security service which rewards computational work regardless of algorithm or purpose. Desk jockeys: Gimme the blue pill, this is too weird to handle.

GTFO of our way is the message.

Fuck the desk jockeys. They do nothing but impede solutions. Maybe they could ask us for permission to set rules on what they contributed nothing to. What gives them any right to even step in our space?

FinCen think in obsolete absolute terms. Licensing belongs in the safety and medicine context. What will they do with virtual services designed to collapse in 24 hours, 7 days, 1 month.
marcus_of_augustus
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March 21, 2013, 11:52:36 PM
 #9

See my thread entitled "I am a certified Anti-Money Laundering agent. (AMLCA)"

https://bitcointalk.org/index.php?topic=154754.0;topicseen

Bitcoin is not a currency. It is a security service for transactions. Some of us are about rock Wall Street's world.

Tell me what kind of relevance will licensing have for say the following:
A security service designed to jump start economies in storm hit areas. Duration: 24 hours, 7 days, 1 month.
A security service designed around economic fly wheels not conveyor belts. Mental breakdown for desk jockeys at FinCen: IMMEDIATE.
A security service designed to exchange currencies without a server interface. Duration: nanoseconds.
A security service which rewards computational work regardless of algorithm or purpose. Desk jockeys: Gimme the blue pill, this is too weird to handle.

GTFO of our way is the message.

Fuck the desk jockeys. They do nothing but impede solutions. Maybe they could ask us for permission to set rules on what they contributed nothing to. What gives them any right to even step in our space?

FinCen think in obsolete absolute terms. Licensing belongs in the safety and medicine context. What will they do with virtual services designed to collapse in 24 hours, 7 days, 1 month.

Lol.

Innovate. Evaluate. Iterate.

Guess, I missed the FinCEN "guidance" section in the C++ manual?

Cryptographically secured informational transfer services blinking in and out of existence sound interesting.

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