{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/fincen",
 "identifier": "kaal:entity:fincen",
 "name": "Fincen",
 "termCode": "fincen",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/fincen.md",
 "sha256": "de212deb12a774b7d3e8d8522d23e268d04173b44873dd43108ee46ea69cf1d7",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2017",
    "2025"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-018",
   "identifier": "kaal:claim:2998033-018",
   "text": "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.",
   "abstract": "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.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "condition",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "under FinCEN guidance issued in March 2013 extending the Bank Secrecy Act to virtual currencies"
   ],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-024",
   "identifier": "kaal:claim:5454054-024",
   "text": "Because LER vouchers are closed-loop and non-convertible, they reduce the risk of triggering FinCEN money services business registration and Bank Secrecy Act obligations that attach to convertible or transmissible digital value.",
   "abstract": "While convertible or transmissible digital value can trigger FinCEN MSB registration and BSA obligations, LER as closed-loop, non-convertible voucher rewards reduce that risk.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States",
    "vouchers not convertible or transmissible"
   ],
   "source_pdf_sha256": "9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'fincen'. Derived node: a roster, not an adjudicated definition."
}