Sentences with phrase «existing money transmitter»
Naturally, the blockchain sector is particularly thrilled about bill H.B. 0070, insofar as it is positioned exempt all tokens issued on an open blockchain through the existing money transmitter and securities laws.
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The proposed legislation would repeal and replace the existing statue concerning permissible investments for money transmitters, Section 36a - 603 of the Connecticut General Statutes, «Investments equal to amount of outstanding money transmissions in this state.
Tether has nominally registered as a money transmitter with FinCEN, but it is unclear if they fulfill any of the BSA filing requirements (e.g., filing SARs).2 As a company, Tether's USDTs enables large crypto - currency exchanges (including US - based exchanges like Poloniex) to exist and powers trades thereon in the amount of millions every day.
The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) regulates cryptocurrency exchanges under existing legislation for money transmitters.
Rather, they added «convertible virtual currency» to existing «money transmitter» statutes, including bitcoin exchange as a form of currency trading.
«Generally, under existing regulations and interpretations, a developer that sells convertible virtual currency, including in the form of ICO coins or tokens, in exchange for another type of value that substitutes for currency is a money transmitter and must comply with AML / CFT requirements that apply to this type of MSB [money services business].»
«Generally, under existing regulations and interpretations, a developer that sells convertible virtual currency, including in the form of ICO coins or tokens, in exchange for another type of value that substitutes for currency is a money transmitter and must comply with AML / CFT requirements that apply to this type of MSB.