Bitcoin miners and investors will not be regulated by the US Treasury. The clarification came in a pair of rulings on Thursday from the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department, which said that people who mine virtual currencies for personal use and businesses that buy and sell virtual currencies purely as an investment will not be considered money transmitters, exempting them from requirements to register with the government and comply with certain money-laundering regulations that it appeared may have applied to them. FinCEN’s ruling was initially published late last month by Atlantic City Bitcoin, the company that the ruling was originally handed to. However, FinCEN rulings that have not been officially published by the bureau cannot always be used as precedent. With FinCEN’s publication of the ruling today, it makes the decision widely applicable.
Like it? Tweet it.
"U.S. Treasury: Bitcoin Miners and Investors Won’t Be Regulated" by @ShellyPalmer
600,000 subscribers and counting...
We write a daily newsletter featuring current events and the top stories in technology, media, marketing and entertainment.Subscribe