FIN-2013-G001

P. Carl Mullan
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P. Carl Mullan: PDX Currency Corporation

Chapter 18 in The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, 2014, pp 118-130 from Palgrave Macmillan

Abstract: Abstract On March 18, 2013, the Financial Crimes Enforcement Network issued interpretive guidance clarifying the applicability of the regulations implementing the Bank Secrecy Act to persons creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies such as Bitcoin. The guidance explains only how FinCEN characterizes certain activities involving virtual currencies under the Bank Secrecy Act and FinCEN regulations. Under FinCEN’s rules a Bitcoin miner may be an administrator. This guidance clarified that Bitcoin exchanges are considered money transmitters and are required to obtain all proper licenses to conduct business in the United States. This registration and licensing process includes the federal registration as a money service business.

Keywords: Bank Secrecy; Virtual Currency; Digital Currency; Government Accountability Office; Security Exchange Commission (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38255-9_19

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DOI: 10.1057/9781137382559_19

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