Bitcoin Forum
March 30, 2017, 09:15:42 AM *
News: Latest stable version of Bitcoin Core: 0.14.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Bank Secrecy Act  (Read 624 times)
Simon Barber
Jr. Member
*
Offline Offline

Activity: 56


View Profile
August 24, 2011, 03:12:38 PM
 #1

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
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1490865342
Hero Member
*
Offline Offline

Posts: 1490865342

View Profile Personal Message (Offline)

Ignore
1490865342
Reply with quote  #2

1490865342
Report to moderator
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
August 24, 2011, 04:37:17 PM
 #2

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
Jr. Member
*
Offline Offline

Activity: 56


View Profile
August 24, 2011, 07:32:33 PM
 #3

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
Newbie
*
Offline Offline

Activity: 16


View Profile
August 25, 2011, 02:17:07 AM
 #4

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  Undecided
indio007
Full Member
***
Offline Offline

Activity: 210


View Profile
August 25, 2011, 02:51:27 AM
 #5

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
Full Member
***
Offline Offline

Activity: 160


TACNAYN - destroyer of worlds


View Profile
August 25, 2011, 06:04:20 AM
 #6

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  Undecided

you completely nailed it (harhar)

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

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!