Re: FinCEN says you must be MSB if you sell bitcoins for $
I was looking at starting up a site that would sell bitcoins through credit card transactions as a US based business. Not wanting to run into immediate regulatory problems I gave FinCEN (Financial Crimes Enforcement Network) a call. It took them a couple of weeks to get back to me but the answer was yes that business would be required to register as a Money Service Business.
One can't simply register as "A" Money Service Business. MSB is a catch-all for 10 different types of specific business activity that requires registration. So of course this FinCEN agent told you specifically which type of business activity to indicate on the registration. Right?
Can't see how bitcoins or credit cards fit in to that at all lol