Bitcoin Law: What US businesses need to know

Although not directly relevant to Independent Reserve which operates in Australia, this article discusses some of the legal hoops that U.S based Bitcoin operators need to jump through in order to satisfy Government regulatory requirements.

U.S regulators are aiming to classify most Bitcoin based businesses (and bizarrely, also Bitcoin miners) as ‘Money Transmitters’, which carries a swathe of legal requirements:

The primary consequence of this regulation is that money transmitters must put in place and enforce Anti Money Laundering (“AML”) and Know Your Customer (“KYC”) policies designed to aid FinCEN’s investigation of potential criminal activity.


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