For example, the U.S. Treasury Department's FInancial Crimes Enforcement Network (FinCEN), as well as various states, issued guidance to help those aiming to convert U.S. dollars into virtual currency
navigate money transmitter laws.
The recently enacted North Carolina
Money Transmitters Act takes a more business - friendly approach to regulating virtual currency businesses than the stringent New York BitLicense regulation to the extent that it defines virtual currency and many other necessary terms so that businesses have more guidance in
navigating the legislation.