Digital Currency Payment Processors & Exchanges are Money Transmitters

Jayanand Sagar | October 28, 2014 | 7:38 am
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Digital Currency Payment Processors & Exchanges are Money Transmitters

Jayanand Sagar | October 28, 2014 | 7:38 am

If there was any doubt about the fact as to whether or not FinCEN believes that digital currency payment processors in addition to exchange weren’t money transmitters, there’s now supreme clarity.

This week, the Financial Crimes Enforcement Network (FinCEN) released two administrative rules covering a number of topics related to bitcoin.

You can read them below:

FIN-2014-R012

Here’s the second one:

FIN-2014-R011

As expected, members of the community aren’t exactly thrilled about the news, but clarity when it comes to these matters are certainly important.

What do you make of it all?

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  • econsilier

    I quess is a win for at least the fact that they consider “virtual currency” as that exists. I think the regulation must be made in order to gain trust from a larger number of people because my guess is that is one of the facts that bitcoin is still unknown on the large scale.

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