Re: [ANN] TRESTOR - The Most Efficient Money, Payment And Market System In The World
Dear mmm01: We have notified Stephan, he will answer your question shortly.
Dear canth,
Trestor Retail Partners (RPs) are simply trading a 'token of subjective value', other businesses are able to trade various other similar tokens like old coins, artwork, stamps, etc. without any special trading license. In case of Trestor RPs, token happens to be 'Trests'
The fundamental difference between Trestor RPs and MSBs is that while Trestor RPs are traders of tokens, MSBs lets a user deposit money and assign it to another person for withdrawal, therefore they are participating in money transmission and generally charge a transmission fee.
Trestor Team
@trestorconnect
www.trestor.org
Dear canth,
Trestor Retail Partners (RPs) are simply trading a 'token of subjective value', other businesses are able to trade various other similar tokens like old coins, artwork, stamps, etc. without any special trading license. In case of Trestor RPs, token happens to be 'Trests'
The fundamental difference between Trestor RPs and MSBs is that while Trestor RPs are traders of tokens, MSBs lets a user deposit money and assign it to another person for withdrawal, therefore they are participating in money transmission and generally charge a transmission fee.
Trestor Team
@trestorconnect
www.trestor.org
I don't want to argue and I'm sure that you've vetted this with some lawyer, but suffice to say that I don't think this will stick.
I suggest you peruse sections B and C of the following document.
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
Your RPs are selling cryptocurrencies, full stop. As a firm that does this at a retail level, I'm certain that MSB/MTL state regulations apply as does the BSA. Best of luck if you think that your stores can do this without getting regulated and without filing necessary reporting at a state and federal level. It doesn't matter that you want to make a comparison to old coins, artwork, etc - FinCEN doesn't give a damn about those things or stamps but they do care about virtual currencies, which Trests clearly are. Hell - check the subject in this thread where you reference it as money.
