19 Mar '13, 7pm

After FinCEN guidance, Bitcoin businesses may struggle under federal regs and costly state licensing. @CharlieShrem

The fragile Bitcoin economy will change drastically as companies scramble to obtain the proper licensing in response to guidance from the Financial Crimes Enforcement Network (FinCEN), which categorizes administrators and exchangers of virtual currencies as money services businesses. FinCEN issued the guidance because "the industry and banks who provide services and law enforcement that investigate cases sought some regulatory certainty about where virtual currencies fall," says Steve Hudak, a spokesman for FinCEN. FinCEN defines an exchanger as "a person engaged as a business in the exchange of virtual currency for real currency, funds or other virtual currency." An administrator is defined by FinCEN as "a person engaged as a business in issuing (putting into circulation) a virtual currency and who has the authority to redeem (to withdraw from circulation) such virtual cu...

Full article: http://www.paymentssource.com/news/fincens-virtual-money-...

Tweets

"FinCEN sounds death knell for US-based Bitcoin...

irdial.com 19 Mar '13, 12am

FinCEN sounds death knell for US based Bitcoin businesses March 19th, 2013 by Irdial 1DnwFLXczVZV8kLJbMYoheUrpqHesjxrSi It...

Bitcoin

forbes.com 19 Mar '13, 8pm

Over at Ars Technica I reported on news that the Financial Crime Enforcement Network (FinCEN) has issued new guidelines on...

The War On Bitcoin—and Anonymity

The War On Bitcoin—and Anonymity

theumlaut.com 20 Mar '13, 10am

n a sign of the times, FinCEN, the US Treasury Department agency in charge of combatting money laundering, issued guidance...

FINCEN: Bitcoin Users Not Regulated, Exchanges Are

FINCEN: Bitcoin Users Not Regulated, Exchanges Are

bitcoinmagazine.com 19 Mar '13, 1am

The paper starts off delineating a clear definition of what virtual currency is: “FinCEN’s regulations define currency (al...

The Empire Strikes Back. U.S. aims new regulati...

online.wsj.com 22 Mar '13, 1am

The U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on...

FinCEN, Bitcoin and Zerocoin via @AmerBanker #privacy #bitcoin

FinCEN, Bitcoin and Zerocoin via @AmerBanker #p...

americanbanker.com 21 Mar '13, 1pm

The dangers to financial privacy are monumental. Consider an Obama administration plan to give spy agencies unfettered acc...

US Begins Regulating BitCoin, Will Consider Vir...

zerohedge.com 22 Mar '13, 1am

Last November, in an act of sheer monetary desperation, the ECB issued an exhaustive, and quite ridiculous, pamphlet title...

Is the US government trying to regulate Bitcoin?

theverge.com 20 Mar '13, 8pm

The community around Bitcoin, the fast-growing virtual currency that sustains an economy worth more than $650 million , ha...

FinCEN

fincen.gov 19 Mar '13, 12am

FinCEN's regulations define currency (also referred to as "real" currency) as "the coin and paper money of the United Stat...

China May Cut Subsidy for Largest Solar Projects

China May Cut Subsidy for Largest Solar Projects

renewableenergyworld.com 19 Mar '13, 2pm

A new policy may abolish one-time subsidies, Meng Xiangan, vice chairman of the China Renewable Energy Society in Beijing,...