kaal:claim:2998033-018

Under FinCEN guidance a mere user of virtual currency is not a money services business and faces no registration duty, while a user deemed an administrator or exchanger must comply with reporting and recordkeeping regulations.

Source quote, verbatim

While a user of a virtual currency is not a MSB and not subject to any registration requirements, a user of virtual currencies who is deemed to be an administrator or exchanger will be required to comply with its reporting and recordkeeping regulations.

From

Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017), II.5. Regulatory Implications, p. 18
https://ssrn.com/abstract=2998033 · source PDF

Cite as

Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033

Holds when

under FinCEN guidance issued in March 2013 extending the Bank Secrecy Act to virtual currencies

Classification

conditionsupport: evidencedsystemic-risk

Related claims

generalizes kaal:claim:5454054-024 Because LER vouchers are closed-loop and non-convertible, they reduce the risk of triggering FinCEN money serv...

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