Are bitcoin wallets money service businesses (MSB)?

2

Do hosted wallet services located in the USA need to register with the fenCEN as a MSB?

detroitpro

Posted 2013-12-02T05:28:36.570

Reputation: 123

Question was closed 2013-12-31T01:11:01.053

Answers

2

If the business is based in the US, yes.

Edit: IANAL, but in my opinion a wallet service clearly falls into the category of money transmitter according to FinCEN's virtual currency regulations.

ktorn

Posted 2013-12-02T05:28:36.570

Reputation: 1 205

Please provide an argument or source of information that supports your answer. – Murch – 2013-12-03T13:10:16.383

@Murch, answer edited with FinCEN reference. I actually learned about it from a local bitcoin meetup where US regulation was heavily discussed. Of course, most regulations are normally open to different interpretations. A good lawyer can work miracles. – ktorn – 2013-12-03T13:53:57.733

Asked: 2013-12-02T05:28:36.570

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