Bank Secrecy Act

[Simon Barber]

In the USA on the fincen.gov website I find "Money services businesses are defined in our regulations to include: check cashers; currency dealers and exchangers; issuers, sellers, and redeemers of traveler’s checks, money orders, or stored value; and money transmitters."

Is a miner an "issuer of stored value"? Does this mean that miners should register as a MSB?

On the fincen website I also find "Money services businesses, other than issuers of stored value and agents of a money services business, are required to register with FinCEN." perhaps miners aren't MSBs.

Anyone know more about the BSA?

Simon

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[Gabi]

Bitcoin is not a money and miners only hash keys and have keys, so we are not a bank and we don't have to register to ANYTHING.

We just have some alphanumerical keys

[Simon Barber]

Bitcoin is not a money and miners only hash keys and have keys, so we are not a bank and we don't have to register to ANYTHING.

We just have some alphanumerical keys

The question is does bitcoin count as "stored value" under the Bank Secrecy Act. If so miners who create blocks themselves, or pools might be interpreted as 'issuing' stored value, since this is how bitcoin is created.

Simon

[g7g7g7g7]

I have been doing a lot of research and as far as I can tell a "bitcoin" is treated the same way as for example a chair is. All we are doing is carpentry, if you sell bitcoin you are selling a product...... I think 

[indio007]

That stuff only applies to US currency.

This might be of interest to you though.

http://www.irs.gov/businesses/small/article/0,,id=154557,00.html

Bitcoin might fall under "pre-paid access". They are exempt from currency transaction reports.

[godofal]

I have been doing a lot of research and as far as I can tell a "bitcoin" is treated the same way as for example a chair is. All we are doing is carpentry, if you sell bitcoin you are selling a product...... I think 

you completely nailed it (harhar)

we miners basically provide labor (hash power) for a product (BTC) and sell that for USD/EUR/whatever