28 Sep '13, 11am

Bitcoin Law: Money transmission on the state level in the US

Bitcoin Law: Money transmission on the state level in the US

My name is Marco Santori. I’m a business attorney for technology companies. In particular, I represent digital currency businesses. I am also the Chairman of the Bitcoin Foundation’s Regulatory Affairs Committee . In this multi-part series, I will give a basic primer on the state of US law as it applies to digital currency entrepreneurs. I aim to help bitcoin businesses assess their risks and develop an informed business model. In Part I , we covered the law of money transmission on the federal level in the United States. We learned about the BSA, AML and KYC. We learned why money transmitter classification on the federal level has real consequences. Now, in Part II, I’ll explain why the state level is really where the action is. Recall that FinCEN registration is just that: registration. Fill out a form, click a button, and your business is registered. Contrast this mere ...

Full article: http://www.coindesk.com/bitcoin-law-money-transmission-st...

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