Sentences with phrase «person a money transmitter»
The regulations also stipulate that whether a person is a money transmitter is a matter of facts and circumstances, and identifies circumstances under which a person's activities would not make such person a money transmitter.
http://bitcoinist.com/ Not exact matches
By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.
However, it exempts «persons conducting business using transactions conducted in whole or in part in virtual currency» from having to obtain a state money transmitter license.
In addition, the guidance indicates that a person is an exchanger and a money transmitter under the regulations if he or she accepts convertible virtual currency from one person and transmits it to another person.»
They make a distinction between centralized virtual currencies and decentralized ones (here targeting Bitcoin), «a person is a money transmitter under the regulations if he or she creates units of convertible virtual currency and sells them to a third party for real currency or its equivalent.
However, it held that American entities who generate «virtual currency» such as bitcoins are money transmitters or MSBs if they sell their generated currency for national currency:»... a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.»
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: «In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.»
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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.
Federal and state laws require people to be licensed as money transmitters if they transmit funds from one person to another.
In addition, a person is an exchanger and a money transmitter if the person accepts such de — centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter.
By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.
«A person is an exchanger and a money transmitter if the person accepts convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.»
The Rule defines the term «money transmitter» to include a person that provides money transmission services, or any other person engaged in the transfer of funds.
«Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies»), FinCEN stated that «a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.»
On the day it launched, US financial regulator FinCEN released its regulation on virtual currencies, confirming that anyone selling units of a decentralised virtual currency to another person for real currency or its equivalent is a money transmitter.