Sentences with phrase «considered money transmitters»

Bitcoin exchanges could also be considered money transmitters and be required to follow additional regulations under state law.

Observers believe the new guidance means FinCEN has increased the regulatory barriers for bitcoin firms, suggesting that merchant processors are considered money transmitters.

As reported by CoinDesk last month, New Hampshire's HB 436 seeks to create a regulatory exception for persons «using transactions conducted in whole or in part in virtual currency» who may otherwise be considered money transmitters under current laws.

FinCEN has stated that «exchangers» and «administrators» in the virtual currency ecosystem are considered money transmitters (a category of Money Service Businesses), and are therefore required to register with FinCEN and comply with AML regulations.

Regarding ICOs, if an issued token is transferable to another type of currency it must comply with AML / CFT and exchanges that sell ICO coins / tokens would typically be considered a money transmitter.

Not exact matches

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The letter says companies with Initial coin offerings are legally considered as money transmitters and therefore are subject to rules set up to fight money laundry and funding of terrorism.

The Financial Crimes Enforcement Network (FinCEN) revealed that it considers initial coin offerings (ICOs) to be money transmitters, and as such, must be registered and compliant with appropriate rules and guidelines.

But while the request presents a wide array of policy areas which the initiative could pursue, the IDFPR's guidance document paints a need to consider a regulatory scheme to bring the state's cryptocurrency market in compliance to money transmitter requirements.