The company has been given thirty days to provide written explanation on why our activity is exempt from licensing under current law. The commission has formally stated that unless exempt from licensing we must stop further activity until such time as we apply for and obtain a Money Transmitter license.
I see that Tangible Cryptography's MSB registration (#31000023734880), dated March 23, 2013, lists MSB Activities as "Mone transmitter".
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http://www.fincen.gov/financial_institutions/msb/msbstateselector.htmlThe types of activities to choose from include:
Money Services Business - The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
(1) Currency dealer or exchanger.
(2) Check casher.
(3) Issuer of traveler's checks, money orders or stored value.
(4) Seller or redeemer of traveler's checks, money orders or stored value.
(5) Money transmitter.
(6) U.S. Postal Service.
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http://www.fincen.gov/whatsnew/html/LaunchNewMSBRegistrationSite.htmlIf Tangible Cryptography were to have wanted to choose something other than Money transmitter, there's nothing else that really applies. And money transmitter isn't really correct either.
Bitcoins simply is a round peg that doesn't fit in any of the regulator's square holes.