|
acoindr
Legendary
Offline
Activity: 1050
Merit: 1002
|
|
April 20, 2013, 08:23:18 PM |
|
Looks good. Haven't had time to read all of it yet but they refer to Bitcoin by name this time, even mentioning all the attention it's getting. Seems they are trying to clarify the earlier guidance.
|
|
|
|
bam91
Member
Offline
Activity: 81
Merit: 10
|
|
April 20, 2013, 08:26:20 PM |
|
Nothing new.
|
|
|
|
Come-from-Beyond
Legendary
Offline
Activity: 2142
Merit: 1010
Newbie
|
|
April 20, 2013, 08:30:15 PM |
|
Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs unless an exception applies. Some virtual currency exchangers have already registered with FinCEN as MSBs, though they have not necessarily identified themselves as money transmitters. Is it the end of unregistered exchanges?
|
|
|
|
franky1
Legendary
Offline
Activity: 4340
Merit: 4691
|
|
April 20, 2013, 08:30:46 PM |
|
in short they are still looking into it and ensuring all of the FIAT to bitcoin businesses register as money transmitters.
so yea nothing new. all they care about is the fiat side of things
|
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
|
|
|
acoindr
Legendary
Offline
Activity: 1050
Merit: 1002
|
|
April 20, 2013, 08:38:54 PM |
|
Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs unless an exception applies. Some virtual currency exchangers have already registered with FinCEN as MSBs, though they have not necessarily identified themselves as money transmitters. Is it the end of unregistered exchanges? This makes it more of a pain in the rear to operate any kind of Bitcoin/crypto-currency (or other virtual currency) exchange if you're based in the U.S., at least in a complying above ground way.
|
|
|
|
WiseOldOwl
|
|
April 20, 2013, 08:42:36 PM |
|
Thanks for the heads up, doesnt look like anything new but its important to post anything you find.
|
|
|
|
BitDreams
|
|
April 20, 2013, 09:11:49 PM |
|
Makes it easier than operating in Poland though.
|
|
|
|
datafish
Donator
Full Member
Offline
Activity: 129
Merit: 100
Swimming in a sea of data
|
|
April 21, 2013, 07:40:21 AM |
|
Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs unless an exception applies. Would this apply to anyone who runs bitcoind, even if they are not mining? And what exactly is meant by transferring a virtual currency from one location to another? How do you change the location of something that has no physical manifestation? This borders on the absurd. It is only information that you are making others aware of. Next they will issue a ruling that states "Thou shalt not convey certain types of information..." After that, the book burning will begin.
|
|
|
|
QuantumQrack
|
|
April 21, 2013, 08:09:18 AM |
|
Exerting more control upon the masses because there is a new player in town: Cryptocurrency. They just don't know how to control people who use this cryptocurrency, but are taking their first baby steps at doing so with these so-called "guides".
Bitcoin was legitimate from the start. Bitcoin doesn't need to be legitimized by any government. That is simply more "loser" thinking from people who have been conditioned to rely on corrupt governments and their destructive policies.
People who think this type of guidance is neccassary and good are simply unwitting enemies of economic freedom and don't really know any better. They are fools.
|
|
|
|
Come-from-Beyond
Legendary
Offline
Activity: 2142
Merit: 1010
Newbie
|
|
April 21, 2013, 08:18:51 AM |
|
FinCEN forces us to move from pure speculation (USD <--> BTC) to usage bitcoins as a medium of exchange. Why not?
|
|
|
|
Bitcoinpro
Legendary
Offline
Activity: 1344
Merit: 1000
|
|
April 21, 2013, 08:21:33 AM |
|
it seems like a decent report
|
WWW.FACEBOOK.COM
CRYPTOCURRENCY CENTRAL BANK
LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
|
|
|
Tomatocage
Legendary
Offline
Activity: 1554
Merit: 1222
brb keeping up with the Kardashians
|
|
April 21, 2013, 10:24:10 AM |
|
Who cares about fiat money
|
|
|
|
Mike Christ
aka snapsunny
Legendary
Offline
Activity: 1078
Merit: 1003
|
|
April 21, 2013, 10:25:15 AM |
|
Who cares about fiat money Banksters and zombies.
|
|
|
|
anarchy
Member
Offline
Activity: 102
Merit: 10
|
|
April 21, 2013, 11:03:13 AM |
|
They actually named Bitcoin this time Virtual Currencies In fact, just last month, FinCEN issued interpretive guidance to clarify the applicability of BSA regulations to virtual currencies, such as Bitcoin, which has in recent weeks gained significant attention. The guidance responds to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use virtual currencies or make a business of exchanging, accepting, and transmitting them.
|
|
|
|
Gabi
Legendary
Offline
Activity: 1148
Merit: 1008
If you want to walk on water, get out of the boat
|
|
April 21, 2013, 11:55:40 AM |
|
While the dollar isn't "virtual"?
|
|
|
|
Ichthyo
|
|
April 21, 2013, 02:04:57 PM |
|
Those who are intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs unless an exception applies. Would this apply to anyone who runs bitcoind, even if they are not mining? And what exactly is meant by transferring a virtual currency from one location to another? How do you change the location of something that has no physical manifestation? This borders on the absurd.
You need to get out of our cosy geeky virtual world. Consider it from a practical business POV. The moment you start a business which in some way involves taking some value units (be it fiat or cryptocurrencies) from person A and transmogrify them in a way that at the end of the transaction person B gets some value units, then this regulation applies. Please note, they are addressing real world business. "They" aren't interested in the stuff we're dreaming.Once the transacting and exchanging of coins becomes a business, then the existing regulations for any business do apply. This is no surprise. And why do they act so "arrogant"? Assuming you're living in a democracy (same for me). Simply, because the majority of people elected a system that works like that. Irrespective of the superficial differentiations in the political orientation of the various parties, any major party affirms this general proceeding. We have law, we have administration and we have an public order. Any party which wants to break with those basic assumptions has near to zero probability to get even into the parliament. And this is not because of manipulation by aliens or due to mental desease, it is simply because the majority of the population wants it this way. End of discussion.
|
|
|
|
dserrano5
Legendary
Offline
Activity: 1974
Merit: 1029
|
|
April 21, 2013, 02:54:35 PM |
|
They actually named Bitcoin this time Virtual Currencies In fact, just last month, FinCEN issued interpretive guidance to clarify the applicability of BSA regulations to virtual currencies, such as Bitcoin, which has [...]So now we know that bitcoin is a currency, not e.g. a commodity or a weird mix of both. To their eyes at least.
|
|
|
|
pekv2
|
|
April 21, 2013, 04:01:14 PM |
|
This is the reason BTCBuy closed down, or went offline. Fuck you fincen.
|
|
|
|
BitcoinAshley
|
|
April 21, 2013, 04:24:56 PM |
|
Consider the price of becoming registered as an MSB. This will likely have a measurable but very small effect on the number of fledgling new exchanges in the U.S. - it is harder to start a new business in a heavily regulated industry.
Examples can be found in farming 1) Some local farms who use organic growing methods do not register as "organic farms" because it costs $3,000 for the certification, which is a lot of money for a small operation.
2) The California almond grower's association (made up of big conglomerates) lobbied the FDA to pass regulation requiring all almonds to be pasteurized (despite virtually 0 food safety concerns regarding raw almonds.) As a result, many small almond farmers were instantly put out of business as they could not afford the $500,000 pasteurization machine that was specifically required.
Overall, this won't effect the bitcoin economy too much. There will always be small start-ups in other jurisdictions, there will always be OTC, and if you're finding capital to start an exchange, a several-thousand-dollar license is not a huge amount compared to the rest of the startup capital you'll have to cough up for servers, datacenter, staff, banking, etc. On the other hand, it could be considered an "unnecessary burden" as it's not like FinCEN regulations have been effective at preventing countless thousands of cases of bankster fraud, nor have they done a particularly good job investigating or holding accountable those who defy regulations. They're basically putting a price tag on useless, ineffective regulatory oversight in a new industry. What else is new?
Oh yes, my prior prediction (that some coin shops could start exchanging bitcoins in the next year or so) could be impacted as many coin shops would not be interested in, or would not be able to afford, the registration process.
|
|
|
|
|