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Author Topic: FinCEN registration for US-based businesses  (Read 1149 times)
coga
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March 28, 2013, 02:44:09 PM
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Is anyone here running bitcoin business who actually is compliant with FinCEN regulations? Is there, like a bullet list, what's involved in actual registration at FinCEN, and what exactly are you expected to do?



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ralree
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March 28, 2013, 02:48:42 PM
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Is anyone here running bitcoin business who actually is compliant with FinCEN regulations? Is there, like a bullet list, what's involved in actual registration at FinCEN, and what exactly are you expected to do?




I looked it up in my state (US), and it costs thousands of dollars.  Made me kinda sad Sad

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March 28, 2013, 02:52:34 PM
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Bitinstant is the ONLY US complaint one that I know of.

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March 28, 2013, 07:03:22 PM
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Bitinstant is the ONLY US complaint one that I know of.

Go to

http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

and search for "bit"

You'll see a few bitcoin companies on there.
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March 29, 2013, 06:25:42 AM
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Is anyone here running bitcoin business who actually is compliant with FinCEN regulations? Is there, like a bullet list, what's involved in actual registration at FinCEN, and what exactly are you expected to do?

http://www.youtube.com/watch?feature=player_detailpage&v=U1TmeBd9338#t=65s

Saying that you don't trust someone because of their behavior is completely valid.
Bitcopia
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March 29, 2013, 03:16:57 PM
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Bitcoin businesses are not non-compliant.... yet.

"In particular, I’m a little disheartened that FinCEN appears to be creating an entirely new regulatory scheme under the guise of “guidance.” Of course, FinCEN cannot rely on this guidance in any enforcement action, as they must readily acknowledge. Simply put, under the Administrative Procedures Act (APA), FinCEN can’t promulgate new rules without going through a notice and comment proceeding whereby the public may have their voices heard. If FinCEN would like to expand its statutory authority over “money transmitters” to include brand new categories such as “administrators” and “exchangers” of digital currency it must do so through proper rulemaking proceedings and not by fiat. I welcome that conversation."

https://bitcoinfoundation.org/blog/?p=152
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