Post
Topic
Board Trading Discussion
Re: FinCEN says you must be MSB if you sell bitcoins for $
by
DeathAndTaxes
on 23/10/2012, 18:31:45 UTC
You get what you pay for. Free advice on the forums should be taken as just that.

Money transmitter as defined by FinCEN is not the same as money transmitter as define by the state of x. They have different standards. FinCEN only updated their rules in the last 2 years with the "informal value transfer system" bit at the end of 5(A). This was not in my state regulations. But, I don't have an official answer from the state.

The other 49 states?  Multiple states require a money transmitter license if you even offer services to residents of that state.  Mere registration isn't compliance.  Advising others to register without compliance is just asinine.  It is an admission that you accept the regulatory definition and yet plan on willfully not complying with any requirements.