Quote:
Originally Posted by Marcus Aurelius
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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emphasis mine. without fiat involved there wouldn't be any need for regulation. it's all about 'real' money in/money out that's what actually is being regulated. have a look at proper exchanges - they already verify accounts and have fiat limits in place all due to ALM/KYC policies. so in reality that response is nothing new except legitimizes existence of virtual currencies for paranoid ones.