04-09-2013, 03:09 PM
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No Refunds Issued.
Industry Role:
Join Date: Apr 2003
Posts: 14,809
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Quote:
Originally Posted by holograph
bitcoin isn't going to be regulated. all feds can do is regulate fiat. any company doing transfers or exchanges of fiat (fiat in, fiat out) for 3rd parties needs to be properly licensed to do so and keep in tact AML/KYC procedures.
not surprised even one bit with their pretty adequate response.
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from the article
Quote:
FinCEN's new guidelines don't mention Bitcoin by name, but say that anyone involved in exchanges of decentralised virtual currency for real currency must register as a money services business and obey existing regulations.
But in a peer-to-peer currency it is not so obvious what counts as an exchange. Bitcoin "miners", who run software to create Bitcoins, might also have to register if they sell the newly minted currency for its real equivalent.
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