FinCEN Guidance FIN-2013-G001: regulations applied to virtual currencies

What this document is

This is interpretive guidance FIN-2013-G001, issued by the Financial Crimes Enforcement Network (FinCEN) on 18 March 2013. Its stated purpose is to clarify how the regulations implementing the Bank Secrecy Act apply to persons creating, obtaining, distributing, exchanging, accepting or transmitting virtual currencies.

The guidance introduces the categories of “user”, “administrator” and “exchanger”. It explains that a user of virtual currency is not treated as a money services business, whereas an administrator or exchanger generally is — specifically a money transmitter — unless a limitation or exemption applies. It also distinguishes real currency from virtual currency under FinCEN’s definitions.

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