24 Aug '13, 4pm

Bitcoin’s complex and changing regulatory environment

Bitcoin’s complex and changing regulatory environment

FINCEN is just one entity that money transmitters have to work with to run a compliant money transmission business. Nearly all of the 50 states have individual laws regulating money transmitters, and each is enforced by state financial regulatory agencies. These states are also making it clear that bitcoin is regulated for any customers in their jurisdiction. For instance, both the New York Department of Financial Services and the California Department of Financial Institutions recently sent cease and desist letters to many bitcoin companies. They targeted both bitcoin exchanges and other companies in the bitcoin value chain. It’s unclear whether some state regulators will require additional bitcoin companies beyond the exchanges to obtain licenses.

Full article: http://pandodaily.com/2013/08/24/bitcoins-complex-and-cha...

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