Owning and using Bitcoin is not a crime, but that is what FinCEN regulation is attempting to make it.
Bitcoin miner = money transmitter From FinCEN: "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 other words, if you mine bitcoins, FinCEN is trying to make you a money transmitter and subject you to all the heavy handed regulations. Bitcoin exchange = money transmitter From FinCEN: "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" money transmitter = $25m bond and onerous regulation From Jeff Berwick's resignation: "Specifically, in the US and Europe, there are an incredible amount of banking, money and even telecommunications rules and regulations that would have to be adhered to if the company had any hope of survival. Not least of which was a $25 million "insurance bond" necessary as being deemed a "money transmitter" in the US." Don't be fooled. The FinCEN ruling is veiled attempt at making bitcoin use a crime via arbitrary rules and regulations. It is a natural right to exchange goods and services, and one does not need to beg for permission to engage in such activity. The real criminals in such exchanges would be the ones jailing people for victimless activities.
Regarding the FinCEN regulations - stop acting like blithering idiots drooling over the State's recognition of Bitcoin. This is extremely dangerous thinking. Registering ANYTHING related to Bitcoin is just making it that much easier for governments to bring the bureaucracy hammer down later.
It amazes me that the users of a currency specifically marketed as being a threat to central banking and statism are leaping for joy to finally have their abusive parents called 'government' acknowledge their existence. What the fuck is wrong with you people? You welcome your destruction with open arms. Tell me you're not this gullible.
FED Biz Ops post- Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool
FED Biz Ops post- “Bitcoin exchanges and most Bitcoin miners are required to register as Money Services Businesses and comply with anti-money laundering regulations. To accomplish FinCEN regulatory, enforcement and investigative mission, FinCEN needs this bitcoin transaction data and analysis tool
I needed to close my account (Coinbase) because I bought something and well. Anyway, does anybody knows if there are bitcoin wallets that are NOT bounded/regulated by Money Services Business under FinCEN available in Europe? Thanks for the info
A lawyer's advice on FinCen & Bitcoin regulation, will the US Govt. ever catch up?
At the Bitcoin2013 conference in San Jose last weekend there was an interesting discussion during the government regulation panel. Some interesting highlights were:
Registering in all 50 states takes years and millions of dollars
Penalties include serious jail time
Even the US dollar is not clearly defined under US law, what chance does BTC have
According to the government, one ounce of gold = $50, that's not outdated at all...
Long story short, there's a ton of gray area and unknowns when dealing with this stuff, the government is way behind, but as a company who's starting an exchange dealing in USD to crypto, we have to play by the rules. To all the legal minds out there, how do you comply under these conditions and timeframes? Where do you think regulation is headed? How could we lobby or communicate better with regulators to help them understand and embrace BTC? Let's get the convo started, there's too many unanswered questions
Advice on buying bitcoin and following fincen regulation
So i was basically wondering if i would be violating any regulations if i bought bitcoins on local bitcoin and then sold it via my coinbase account and profiting from the price difference. I was looking into doing this with the different exchanges but the time it takes to fund accounts is just to complicated and takes to long and i have worries about withdrawals. apparently doing this between exchanges is legal called arbitrage. my only worry is if i would be liable for the facilitation of money laundering when i bought bitcoins from people on localbitcoins, however it seems to me that the burden of responsibility would fall on them because they are the ones selling the bitcoins so then they are the ones acting as a money transmitter or money services business. these definitions seem ambiguous. But it seems to me that most regulatory issues stem from the sale of bitcoins rather than the purchase of them. Im going to call the Fincen hotline tomorrow and see if i can get any guidance, id rather not break the law, especially if id be accused of money laundering.
Would it be smarter to call bitcoin a commodity instead of currency to avoid fincens idiotic regulations?
I mean for the most part I think most people are buying bitcoin and holding onto them as more of an investment rather than out spending them. Plus an ounce of gold is worth roughly 1270-80 right now and a dollar is worth only a dollar. Currency generally isn't worth thousand of dollars individually where's as gold can technically go as high as the sky. Pardon my ignorance if I'm way off base on my thoughts. Hoping someone could enlighten me if I'm wrong.
FinCEN therefore concludes that, under the facts you have provided, [the Company] would be a user of Bitcoin, and not an MSB, to the extent that it uses Bitcoin it has mined: (a) to pay for the purchase of goods or services, pay debts it has previously incurred (including debts to its owner(s)), or make distributions to owners; or (b) to purchase real currency or another convertible virtual ... Here, the Bitcoin Market Journal team takes a look at the regulation status of both cryptocurrencies and ICOs/STOs globally. (Be sure to bookmark this page, as our team of researchers regularly updates the status of crypto regulations!) Regulation FINCEN: Bitcoin Users Not Regulated, Exchanges Are. by Vitalik Buterin. March 19, 2013. Government regulation has for a long time been a gray area for Bitcoin, both in the United States and elsewhere. Although we have seen a number of disparate government reports either simply talking about Bitcoin or providing a regulatory opinion on some aspect of Bitcoin exchange, to date we have ... “We’re about to roll out some significant new requirements [for cryptocurrencies] at FinCEN,” he added. Mnuchin’s statements came in response to concerns raised by Senator Maggie Hassan (D-N.H.) over the budget increase in monitoring suspicious digital currency transactions and illicit activities using the cryptocurrency. May 2019: FinCEN consolidates a decade of regulation with 2 guidances. In May 2019, FinCEN tied together nearly a decade of previous statements on virtual currencies (2011-2019) with two interpretive new guidances. FinCEN’s CVC guidance, Regulations to Certain Business Models Involving Convertible Virtual Currencies, warns crypto businesses that they are in fact MSBs due to their transacting ...
Bitcoin Foundation is Wrong! BitcoinLaw - "FinCEN and BitCoin Miners"
This video is unavailable. Watch Queue Queue. Watch Queue Queue The USA 🇺🇸 JUST Suggested Some SCARY Regulation for Bitcoin Holders [Both The Fed & Treasury SPEAK] - Duration: 10:33. Altcoin Daily 52,087 views #Bitcoin #XRP #Ethereum - Trump administration to release new FinCEN requirements for cryptos, Steve Mnuchin tells Congress. Cryptocurrency Act Of 2020 - IMF tweets "The rapid growth of crypto ... FinCEN released Guidance on March 18, 2013 regarding BSA Regulations to Virtual Currencies. The Bitcoin Foundation issued guidance on March 19, 2013 to the B... FinCen Regulation - https://twitter.com/el33th4xor/status/1126516792510361602 Get the Ledger Nano X to Safely store your Crypto - https://www.ledgerwallet.co...