• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin Price blockchain Weekly Analysis – GOLD Alternative
Nexo Logo

FinCEN Rules on Companies Using Blockchain

newsbtc by newsbtc
7 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

The US Financial Crimes Enforcement Network (FinCEN) ruled that companies using blockchain to transfer precious metals are money transmitters. This came in response to an inquiry from a company which issues digital proofs of custody through the bitcoin blockchain to transfer ownership of gold, silver, and the like.

Prior to this ruling, companies that use blockchain to transfer precious metal ownership simply fell under the category of a dealer in precious metals, precious stones, or jewels. Now, FinCEN has clarified that they are also money transmitters, which means that the regulations in both these industries apply.

Blockchain and Gold

One of the frequently used applications of blockchain is to track ownership, as entries in this distributed public ledger cannot be easily tampered with. In the past year, several startups have taken advantage of this feature to make it easier for clients to buy or sell gold and other precious metals.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“The Company does not fall under the e-currencies or e-precious metals trading exemption from money transmission because, when the Company issues a freely transferable digital certificate of ownership to buyers, it is allowing the unrestricted transfer of value from a customer’s commodity position to the position of another customer or a third-party, and it is no longer limiting itself to the type of transmission of funds that is a fundamental element of the actual transaction necessary to execute the contract for the purchase or sale of the currency or the other commodity,” FinCEN noted in a letter.

With that, these businesses will be subject to anti-money laundering (AML) checks and will be required to assess the risk of money laundering arising out of non-exempt transactions. Aside from that, the blockchain company is subject to record-keeping, reporting, transaction monitoring requirements. FinCEN emphasized that the fact that the transactions are recorded on the blockchain does not absolve the companies from being money transmitters.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Tags: bitcoin goldbitcoin precious metalsbitcoin regulationblockchain goldNews
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

crypto bitcoin btc btcusd Ethereum

Why Crypto Is “Likely To Dump” As It Lags The S&P 500, Expert Says

47 mins ago
bitcoin

Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?

1 hour ago
Fetch.ai Announces DabbaFlow, A File Sharing and Data Management Platform

Fetch.ai Announces DabbaFlow, A File Sharing and Data Management Platform

2 hours ago
What Is Play-and-Earn by BeaRex and Why It Is Revolutionary for GameFi

What Is Play-and-Earn by BeaRex and Why It Is Revolutionary for GameFi

11 hours ago
More security, transparency, and scalability: What blockchain needs for mass adoption

More security, transparency, and scalability: What blockchain needs for mass adoption

12 hours ago
CoinEx Institution|From NFT to NFT-fi: Real Demands or False Propositions?

CoinEx Institution|From NFT to NFT-fi: Real Demands or False Propositions?

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

When Marketplaces Meet Predictions: The Curious Case Of Fair Prediction Launches

June 28, 2022

Globiance Goes Live on CoinMarketCap And 6 Exchanges (CEX)

June 28, 2022

Why is Klein Finance so important to KCC (KuCoin Community Chain)?

June 28, 2022

LBank Exchange Will List SENSO on June 28, 2022

June 28, 2022

LBank Exchange Will List LOOT on June 29, 2022

June 28, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.