19 Jun '13, 8am

Uniform Licensing Could Help Bitcoin Businesses Stay Disruptive

Uniform Licensing Could Help Bitcoin Businesses Stay Disruptive

Many Bitcoin startups face the expensive and daunting task of obtaining multiple state money transmitter licenses. But these businesses could drum up enough support to create a more streamlined and affordable licensing process. The federal government plans to regulate Bitcoin businesses the same as other money services businesses. In March, the Federal Crimes and Enforcement Network issued guidance on virtual currency explaining that many businesses dealing in digital currency are considered MSBs and must register as such. But registering with Fincen isn't the problem. Bailey Reutzel The guidance also said states should look at certain Bitcoin businesses as money transmitters. These businesses are now required to obtain licensing in all states they service customers in. (South Carolina and Montana are an exception because they don't require a money transmitter license.) Th...

Full article: http://www.paymentssource.com/news/uniform-licensing-coul...

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