Sentences with phrase «regulate money transmitters»

Not exact matches

Other states have sought to regulate virtual currency businesses through their money transmitter laws.

Here is what they say about who is regulated in the new exchanges taking place, and specifically, who is classified as a money transmitter (read: requires licenses):

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.

Depending on how bitcoin sales are regulated in your country, you may or may not fall under «money transmitter» regulations.

The company is regulated by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, as a money transmitter and is seeking state licenses.

Be aware that «money transmitters» are also highly regulated under each state's laws, many of which require advance licensure; however, because state money transmitting laws are typically aimed at consumer protection rather than anti-money laundering, we do not address the issue of state regulation here other than to note that there is no uniform licensing scheme across the 50 states.

from the Virginia Bureau of Financial Institutions informs residents that the Money Order Sellers and Money Transmitters codes do «not currently regulate virtual currencies; however, to the extent virtual currency transactions also involve the transfer of fiat currencies.»

The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) regulates cryptocurrency exchanges under existing legislation for money transmitters.

Coinbase is not one of the cryptocurrency exchanges regulated under New York State's BitLicense but was one of the first to get state - by - state money transmitter licenses.

Even though the government isn't expected to regulate cryptocurrencies anytime soon, the SEC has issued a strong warning to ICOs, exchanges have been given an ultimatum and FinCEN has called ICO developers to register as money transmitters.

Wyoming has been the most aggressive in passing blockchain - friendly legislation, passing five laws: declaring that «utility tokens» would not be regulated under state securities laws, exempting cryptocurrencies from property taxes, adjusting its money transmitter regulation to accommodate cryptocurrency exchanges, allowing LLCs to register on a blockchain, and enabling the secretary of state to register companies on a blockchain.