Internet & Social Media Law Blog
FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your business involves creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies, you may be subject to FinCEN’s registration, reporting, and recordkeeping requirements.
To read the full Client Alert, please see Financial Crimes Enforcement Network Issues Guidance on Virtual Currency.