29 Dec '13, 11am

FinCEN: Bitcoin Miners Need Not Register as Money Transmitters

FinCEN: Bitcoin Miners Need Not Register as Money Transmitters

Bitcoin miners who mine “for themselves” do not have to register as Money Services Businesses (MSBs) with the US Financial Crimes Enforcement Network (FinCEN), according to an official letter from the agency this week. FinCEN was replying to a request for clarification by Atlantic City Bitcoin (AC Bitcoin), aka advocate Milly Bitcoin, who maintains an array of ASIC miners in New Jersey. According to the letter, miners are still free to purchase goods or trade with exchanges with the bitcoins they produce whether operating as individuals or businesses. The news should come as a relief for smaller-scale mining operations. Jerry Brito, senior research fellow at the Mercatus Center, indicated that FinCEN wrote in a private letter last July that all miners would have to register as MSBs, and uncertainty had remained since then. This could have put many individuals out of the mi...

Full article: http://www.coindesk.com/fincen-bitcoin-miners-need-not-re...

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