Risk Mitigation for Banks: Unlicensed MSB Bitcoin ATM Case ...
Risk Mitigation for Banks: Unlicensed MSB Bitcoin ATM Case ...
Cryptocurrency companies recognized as "money service ...
Obtaining a Bitcoin MSB Bank Account — The Importance of ...
Is Your Cryptocurrency Business An MSB? How To Know BitAML
Is Your Cryptocurrency Business an MSB Cryptocurrency Law
08-31 07:44 - 'Hope you have a compliance program against money laundering and register as a MSB thru fincen. You should do this before deploying your machine.' by /u/llamasbitcoin removed from /r/Bitcoin within 487-497min
I've done some searching and can't find anything specific. Hoping to find someone who's well versed in this stuff who might be able to point me in the right way.. I'd like to set up a dropshipping site, which accepts bitcoin. Once someone places an order, I'd order from the manufacturer, and the manufacturer would ship the product. When I receive bitcoin, I'd continue to hold it as BTC, and pay the vendor in USD. I do not want to utilize a BMSP (bitcoin merchant service provider) like bitpay, but I want to process the transactions myself. I plan to set up a LLC, and do everything legitimate; paying taxes, etc. However, does anyone know the laws regarding this? Would I need to register my LLC as a MSB (money services business) and get licensed as a money transmitter? many thanks
So I'm about to put a bunch of hash online. Been working on a new mine. I have a question about money services business or money transmitter licenses. If I buy an ATM and said ATM only sells bitcoin that I mine am I a money transmitter? I'm selling the coin I create and not sourcing it from another party and acting as an intermediary. I'm like farm to table only with bitcoin. I want to sell the coin I MAKE. I am of the position if I'm selling the coin I make it is no different than selling anything else you make like corn or artwork etc etc. I want to sell said bitcoin with an ATM with no KYC on transactions up to say $8000 Thoughts? Things I'm overlooking? Any input would be appreciated.
HELLO - WE ARE LOOKING FOR AN INVESTOR. WE HAVE A BITCOIN CASH EXCHANGE. BUY/SELL BITCOIN LEGALLY ANYWHERE IN THE WORLD AND A BITCOIN ATM COMPANY. FINCEN MSB
BUY OR SELL BITCOIN WITH US LEGALLY AND LOCALLY FROM ANYWHERE IN THE WORLD! WE ARE ALSO A FINCEN MSB LOOKING FOR CAPITAL FROM AN INVESTOR WITH OUR PROFIT SHARING MODEL. I AM THE OWNER. CHECK FINCEN dot GOV FOR CREDENTIALS. BITCOIN ATM PROS INC. Michael Buy Bitcoin Anywhere in the world legally here BITCOINATMPROS COM Buy Bitcoin CASH at our BCH Exchange here LOCALBITCOINCASH ORG
Beware of using centralized P2P cryptocurrency exchange like paxful, I've been selling bitcoin for high volume of transaction with the platform since February, but then when my volume increased they've banned my account. With my months that I've been using the platform I never had a problem on any transaction nor have any dispute on any of my transactions, I'm also fully verified and complied with all their terms (no duplicate accounts, etc) but then they banned me suddenly without any reason or warning. Bot emails that i received 10.6 btc account For all users out there! Beware of using this platform, I highly recommend bisq or localcryptos as alternative. If any paxful employee is reading this I hope you can take action on this matter!
Finally banned from r/bitcoin for a two day old post asking pertinent questions about being an MSB's and lightning network.... lol... feck'em cause I dont care. Any post as Soupernerd would have gotten me banned anyways.
Can I legally sell Bitcoin, without a MSB license and KYC laws, just as I can sell XYZ widgets? I know I need a business license and to pay taxes!
I'm looking at the state code, and I can't find anything that says I can't, per se... it doesn't seem Bitcoin falls within the verbiage of the laws governing such things since Bitcoin is NOT a currency in the United States. CHAPTER 32A. LAND SALES; FALSE ADVERTISING; ISSUANCE AND SALE OF CHECKS, DRAFTS, MONEY ORDERS, ETC. ARTICLE 2. CHECKS AND MONEY ORDER SALES, MONEY TRANSMISSION SERVICES, TRANSPORTATION AND CURRENCY EXCHANGE. §32A-2-1. Definitions.
(1) "Commissioner" means the Commissioner of Financial Institutions of this state. (2) "Check" or "payment instrument" means any check, traveler's check, draft, money order or other instrument for the transmission or payment of money whether or not the instrument is negotiable. The term does not include a credit card voucher, a letter of credit or any instrument that is redeemable by the issuer in goods or services. (3) "Currency" means a medium of exchange authorized or adopted by a domestic or foreign government. (4) "Currency exchange" means the conversion of the currency of one government into the currency of another government, but does not include the issuance and sale of travelers checks denominated in a foreign currency. Transactions involving the electronic transmission of funds by licensed money transmitters which may permit, but do not require, the recipient to obtain the funds in a foreign currency outside of West Virginia are not currency exchange transactions: Provided, That they are not reportable as currency exchange transactions under federal laws and regulations. (5) "Currency exchange, transportation, transmission business" means a person who is engaging in currency exchange, currency transportation or currency transmission as a service or for profit. (6) **"Currency transmission" or "money transmission" means** engaging in the business of **selling** or **issuing checks or the business of receiving currency**, the payment of **money**, or other value that substitutes for money by any means for the purpose of transmitting, either prior to or after receipt, that currency, payment of money or other value that substitutes for money by wire, facsimile or other electronic means, or through the use of a financial institution, financial intermediary, the Federal Reserve system or other funds transfer network. It includes the transmission of funds through the issuance and sale of stored value**??** or similar **prepaid products' cards** which are intended for general acceptance and used in commercial or consumer transactions. (7) "Currency transportation" means knowingly engaging in the business of physically transporting currency from one location to another in a manner other than by a licensed armored car service exempted under section three of this article. (8) "Licensee" means a person licensed by the commissioner under this article. (9) "Money order" means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints or purports to appoint the seller thereof as his or her agent for the receipt, transmission or handling of money, whether the instrument is signed by the seller, the purchaser or remitter or some other person. (10) "Person" means any individual, partnership, association, joint stock association, limited liability company, trust or corporation. (11) "Principal" means a licensee's owner, president, senior officer responsible for the licensee's business, chief financial officer or any other person who performs similar functions or who otherwise controls the conduct of the affairs of a licensee. A person controlling ten percent or more of the voting stock of any corporate applicant is a principal under this provision. §32A-2-2. License required.
Via Black's Law Dictionary, just because I was curious what "money" meant in leagalese, and it appears to only mean currency issued by a government. What is MONEY? A general, indefinite term for the measure and representative of value; currency; the circulating medium ; cash. “Money” is a generic term, and embraces every description of coin or bank-notes recognized by common consent as a representative of value in effecting exchanges of property or payment of debts. Hopson v. Fountain. 5 Humph. (Tenn.) 140. Money is used in a specific and also in a general and more comprehensive sense. In its specific sense, it means what is coined or stamped by public authority, and has its determinate value fixed by governments. In its more comprehensive and general sense, it means wealth. Bitcoin is NOT coined nor stamped by public authority and has no value determined by governments. It sounds like currency is only money if the IMF controlled it's issuance? Also this: http://techcrunch.com/2014/03/25/irs-rules-bitcoin-is-property-not-currency/
Idea: Avoid MSB by structuring transactions to swap US dollars $ <-> goods/services <-> Bitcoins in the USA
IDEA: Why not create transactions using goods/services as a sort of middle transaction in order to avoid the whole MSB issue in the USA. There is an exemption (Fincen) when swapping dollars or bitcoins for goods and services. 1) Sell someone 10 books for $250 cash 2) Buy the ten books back for 1 BTC (Alternatively they request to "cancel" the transaction and they request a refund of 1 BTC) 3) No need to register with fincen or for an MSB licence. Just use some sort of actual goods/services as a sort of middle currency. Does anyone have any thoughts on whether this would work/ is legal. Thanks.
Finally banned from r/bitcoin for a two day old post asking pertinent questions about being an MSB's and lightning network.... lol... feck'em cause I dont care. Any post as Soupernerd would have gotten me banned anyways. • r/btc
Your bitcoin exchange or ATM business is considered a Money Service Business (MSB). This label by the federal government brings along a certain stigma. Banking is the most common point of failure… The first thing any MSB must do is register as a money services business. While a few businesses are exempt from this rule, most MSBs have to complete this step. ... Crypto businesses that can’t meet these standards on their own should work with bitcoin compliance specialists to develop effective AML programs. 3. Reporting Tuesday’s announcement details that the “MSB Networked Supervision” initiative, as the new system is called, “will apply to 78 of the nation’s largest payments and cryptocurrency companies that combined move more than $1 trillion a year in customer funds.” ... Play in the newly launched tournament at Bitcoin Games to win a share of ... A Primer on FINTRAC's Current Stance on Businesses Involved with Bitcoin and the Cryptocurrency Ecosystem. MSB. Money Services Businesses (“MSBs”) are defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17) and Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations SOR/2002-184 (collectively the “Legislation”), as: Persons ... Unlicensed MSB Bitcoin ATM. In August 2019, Kunal Kalra pled guilty to US federal criminal charges for owning and operating an unlicensed MSB where he exchanged up to $25 million in cash and cryptocurrency for darknet drug dealers and other criminals in person and through his bitcoin ATM.
Everything You Need To Know About Money Transmitter Licensing
A seamless and secure full-reserve investment bank built on decentralised encrypted ledgers. From Fiat to Bitcoin to AMFEIX. Site: https://www.fundbtc.net #B... My favourite cryptocurrency projects in 2020 for potentially huge gains over the next few years. Keep your Bitcoin and Crypto keys safely on a Ledger Nano: h... This week on Around the Coin, Faisal Khan, Brian Roemmele, and Mike Townsend discuss everything about money transmitter licenses, including how they work, who needs one, and how bitcoin plays a ... Tamlo’s Flag the Money MSB training shows how money laundering works, teaches the basics of AML compliance and provides real-life examples to help employees and agents understand their ... Bitcoin and the other altcoins are going through normal fluctuations and shows signs of a healthy marketplace. And as always... The above references an opinion and is for information purposes only.