Sentences with phrase «says money transmitter»

US lawmakers continue to wrestle with how to approach cryptocurrencies, as a federal judge says the likes of bitcoin can be treated as commodities by the CFTC, FinCEN says money transmitter rules apply to ICOs, and Wyoming's state legislature clears a bill exempting some crypto assets from securities laws.

This week a federal judge ruled that cryptocurrencies can be treated as commodities by the CFTC (Commodity Futures Trading Commission); Wyoming's state legislature cleared a bill exempting some crypto assets from securities laws and FinCEN (the Financial Crimes Enforcement Network) said money transmitter rules apply to ICOs.

Not exact matches

Rinearson says that could also be a more streamlined version of the money transmitter's license.

Last year, it said Bitcoin businesses, which included exchanges that turn national currencies into Bitcoin, should be classified as money transmitters.

With a capital base, money transmitters who deal in virtual currency will be more secure in case of a lawsuit, said Smith.

He said licensees that want both a BitLicense and a traditional money - transmitter license won't have to duplicate the application process, and that there will be no need to file «suspicious activity reports,» or SARs, when these anti-money-laundering actions have already been handled by the U.S. Treasury Department's Financial Crimes Enforcement Network, or FinCEN.

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):

That is to say, interpreting these words literally, miners have to register as money transmitters if they are selling their bitcoins.

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.

It said a company with a virtual currency trading platform is a money transmitter and thus must comply with related rules.