You've got to dig to dig it, you dig?
fincen.gov (Financial Crimes Enforcement Network) issued FIN-2013-G001.
A user of virtual currency is not an MSB* under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations. However, an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person
*MSB = money services businesses.
Bitcoin are an open source virtual currency. It”s very fascinating. Well, EFF used to welcome bitcoins as donations; they changed their position.
1. We don’t fully understand the complex legal issues involved with creating a new currency system. Bitcoin raises untested legal concerns related to securities law, the Stamp Payments Act, tax evasion, consumer protection and money laundering, among others.
Anyone in the art world doing anything with bitcoins?