Re: Lab Rat Data Processing, LLC (LabRatMining) Official Announcement
You guys and dolls haven't yet figured out what the "legal issues" most likely are, have you?
Check the recent IRS rulings and FIN-Cen requirements, especially those requirements concerning Money Transmitters.
My $.02.
Check the recent IRS rulings and FIN-Cen requirements, especially those requirements concerning Money Transmitters.
My $.02.
My understanding is that LRM isn't a money transmitter. He isn't taking fiat or exchanging it. And according to one of the last fincen papers I read, that you may be referencing, LRM falls moreso into the category of doing a service regarding investors. That's different than being a money transmitter.
Regarding the IRS. I think the main point from that is that bitcoin is considered property - not a currency.
Anyone, correct me if I'm wrong on these points. But if you do, please cite why and sources if possible.