Tagmoney transmitter

FinCEN Clarifies that Virtual Currency Payment Systems and Trading Platforms Are Money Transmitters

FinCEN has released two new Virtual Currency Guidance notes today. FIN-2014-R011 and FIN-2014-R2012 both detail FinCEN's response to requests "for Administrative Ruling on the Application of FinCEN's Regulations to Virtual Currency" Trading Platforms and Payment Systems. FinCEN has clarified that both would require a money transmitter license under their federal rules. FinCEN's clarifications...

Western Union Willing to Pick Up Regulated Bitcoin

In an interview with Bloomberg, CEO Hikmet Ersek expressed a willingness to incorporate bitcoin into Western Union's portfolio of world currencies “once bitcoin is regulated like a proper currency.” Perhaps even the world's premier money transmitting service is coming around to bitcoin. But Ersek seems to find this a significant “if.” [divider]CCN[/divider] Western Union is the world's largest...

Money Transmitter Licenses: Do you need one for your Bitcoin Business?

Since Bitcoin’s legal status in not fully clear (even to U.S. regulators), it is very difficult for Bitcoin businesses to stay compliant with local laws. It is unclear whether governments consider Bitcoin to be a “currency” or a “commodity”. Depending on how Bitcoin is classified, a business may or may need to seek a money transmitter license. Recent law enforcement action by a Florida prosecutor...