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I 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 cu
by julespitt 13y ago
I 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.