{"id":9661,"date":"2013-12-28T17:54:37","date_gmt":"2013-12-29T01:54:37","guid":{"rendered":"http:\/\/lifeboat.com\/blog\/?p=9661"},"modified":"2017-06-04T12:11:50","modified_gmt":"2017-06-04T19:11:50","slug":"bitcoin-miners-do-not-have-to-register-as-money-transfer-services-ruling","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2013\/12\/bitcoin-miners-do-not-have-to-register-as-money-transfer-services-ruling","title":{"rendered":"Bitcoin miners do not have to register as money transfer services: ruling"},"content":{"rendered":"<h4><a class=\"url fn n\" title=\"Will Conley\" href=\"http:\/\/www.slashgear.com\/author\/will\/\" rel=\"me\">Will Conley<\/a> \u2014 Slash Gear<\/h4>\n<p><\/p>\n<p>Bitcoin miner Milly Bitcoin has done a little citizen letter-writing, and the results should make virtual currency miners breathe a sigh of relief. Milly Bitcoin\u2019s mining company Atlantic City Bitcoin last June wrote to the U.S. Department of the Treasury\u2019s <a class=\"itxtrst itxtrsta itxthook\" id=\"itxthook0\" style=\"font-weight: normal; font-size: 100%; font-style: normal; text-decoration: none; border: 0px none transparent; padding: 0px; background-color: transparent; background-image: none; display: inline;\" href=\"http:\/\/www.slashgear.com\/bitcoin-miners-do-not-have-to-register-as-money-transfer-services-ruling-28310218\/#\" rel=\"nofollow\"><span class=\"itxtrst itxtrstspan itxtnowrap\" id=\"itxthook0w\" style=\"font-weight: normal; font-size: 100%; text-decoration: underline; border-bottom: 0.075em solid lightgreen; padding-bottom: 1px ! important; color: lightgreen; background-color: transparent;\">Financial<\/span><\/a> Crimes Enforcement Network (FinCEN) requesting an official administrative ruling on whether ACB must register as a money transfer service. FinCEN has now replied, and the answer is no.<\/p>\n<p>ACB requested the ruling because there has been much confusion as to whether mining \u2014 and spending the proceeds \u2014 constituted a <a class=\"itxtrst itxtrsta itxthook\" id=\"itxthook1\" style=\"font-weight: normal; font-size: 100%; font-style: normal; text-decoration: none; border: 0px none transparent; padding: 0px; background-color: transparent; background-image: none; display: inline;\" href=\"http:\/\/www.slashgear.com\/bitcoin-miners-do-not-have-to-register-as-money-transfer-services-ruling-28310218\/#\" rel=\"nofollow\"><span class=\"itxtrst itxtrstspan itxtnowrap\" id=\"itxthook1w\" style=\"font-weight: normal; font-size: 100%; text-decoration: underline; border-bottom: 0.075em solid lightgreen; padding-bottom: 1px ! important; color: lightgreen; background-color: transparent;\">money<\/span><\/a> transfer service. This may seem a ridiculous question to virtual currency aficionados, but the confusion arose because some businesses dealing in virtual currencies do indeed operate as money transfer services. Mining and spending virtual currency, however, is <em>not<\/em> a transfer service. Such was the ruling by FinCEN.<\/p>\n<p><a href=\"http:\/\/www.slashgear.com\/bitcoin-miners-do-not-have-to-register-as-money-transfer-services-ruling-28310218\/\" target=\"_blank\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will Conley \u2014 Slash Gear Bitcoin miner Milly Bitcoin has done a little citizen letter-writing, and the results should make virtual currency miners breathe a sigh of relief. Milly Bitcoin\u2019s mining company Atlantic City Bitcoin last June wrote to the U.S. Department of the Treasury\u2019s Financial Crimes Enforcement Network (FinCEN) requesting an official administrative ruling [\u2026]<\/p>\n","protected":false},"author":76,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1318,43,1490],"tags":[],"class_list":["post-9661","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-business","category-government"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/9661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=9661"}],"version-history":[{"count":2,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/9661\/revisions"}],"predecessor-version":[{"id":65084,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/9661\/revisions\/65084"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=9661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=9661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=9661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}