4 ms·
They likely did, you clearly did not: "... a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual curren
by anologwintermut 13y ago
They likely did, you clearly did not: "... a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency"[emphasis mine]
from http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001....
That particular section may or may not cover Paypal, but certainly you don't get out of the money transmitting rules by not dealing with "money."
- deleted 13y ago[deleted]
- julespitt 13y agoI didn't say you get out of money transmitter rules. Just that Paypal's "currency exchange" reading and analogy is wrong - see: "...a person who accepts real currency in exchange for virtual currency, or vice versa, is not a dealer in foreign exchange under FinCEN's regulations."
- gamblor956 13y agoYou're still not getting it. Paypal isn't subject to the foreign currency rules of the FinCEN regulations because virtual currencies aren't foreign currencies. Paypal is still subject to the other rules that apply to money transmitters.
- julespitt 13y agoHa, come on! That's what I said, we agree! David Marcus is the one saying that it's like Foreign Exchange, which is weird because we both agree it's not under FinCEN rules. I never said that Paypal isn't a money transmitter, nor that there are not any other FinCEN rules both PayPal and others have to follow.