I read the "guidance" as being this type of individual would have to register with FinCEN since they would be "a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. (depending, as you say, on the definition of 'engaged as a business').
Why do you come to the alternative conclusion of MAY rather than MUST - is it just the uncertainty around the definition of 'engaged as a business'?
Will
Thanks Will. I said "May" rather than "Must" for a couple of reasons.
1. "Engaged as a business" is a whole can of worms that FinCEN left untouched for now. As you correctly pointed out.
2. This "Guidance" is FinCEN's way of identifying a few common facts and circumstances that they definitively view as money transmission. They don't directly say that receipt of money would place you in the category of "Exchanger" but one could easily infer that from rest of the guidelines. Therefore, I went with "may" be required to register not "must". I try to use my "musts" sparingly
