# kaal:claim:2998033-018

**Claim.** 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.

**Type.** condition  **Support.** evidenced

**Holds when.**

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

**Source quote.**

> 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, page 18

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

**Verify.** sha256 of source PDF `aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Blockchain%20Innovation%20for%20Private%20Investment%20Funds.pdf

**Topics.** systemic-risk

**Keywords.** fincen, money-services-business, bank-secrecy-act, virtual-currency

**Related claims.**

- generalizes: https://wulfkaal.github.io/claims/5454054-024

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