U.S.Department of Treasury: FinCEN Publishes Two Rulings on Virtual Currency Miners and Investors

FinCEN Publishes Two Rulings on Virtual Currency Miners and Investors

The Financial Crimes Enforcement Network (FinCEN) today published two administrative rulings, providing additional information on whether a person’s conduct related to convertible virtual currency brings them within the Bank Secrecy Act’s (BSA) definition of a money transmitter. The first ruling states that, to the extent a user creates or “mines” a convertible virtual currency solely for a user’s own purposes, the user is not a money transmitter under the BSA. The second states that a company purchasing and selling convertible virtual currency as an investment exclusively for the company’s benefit is not a money transmitter. The rulings further interpret FinCEN’s March 18, 2013 Guidance to address these business models.

News Release: http://www.fincen.gov/news_room/nr/pdf/20140130.pdf

  
FIN-2014-R001: Application of FinCEN’s Regulations to Virtual Currency Mining Operations (http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R001.pdf)

FIN-2014-R002: Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity (http://www.fincen.gov/news_room/rp/rulings/pdf/FIN-2014-R002.pdf)

FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis,and dissemination of financial intelligence and strategic use of financial authorities.

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