The US Department of Treasury issues a Bitcoin-Friendly ruling for Miners
FinCEN, The US Department of Treasury Financial Crimes Enforcement Network, has issued a ruling that tries to clear up what could be a problem for Bitcoin mining. The problem is explained by whether someone who mines Bitcoins for themselves can trade the Bitcoins for fiat money at an exchange or spend them without being classified as a Money Service Business (which forces the miner to register with FinCEN). Many Bitcoin miners have been concerned that tough regulation from FinCEN would mean that they would have to require an auditor staff, hence making it hard for individuals to mine....
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Washington D. C., 4/29/14, the Financial Crimes Enforcement Network (FinCEN), the enforcement arm of the United States Treasury Department, has issued its most recent ruling related to Bitcoin. A concerned American miner sent a letter to FinCEN on 2/26/14 asking whether or not the rental of computer systems for mining virtual currency would make his company an “administrator” of virtual currency or a money transmitter under the Bank Secrecy Act (BSA). The FinCEN ruling states that selling hashing power in timed contracts, which has become increasingly popular a la CEX.io, does not a money....
The U.S. Treasury affirmed that crypto miners and wallet operators are exempt from the IRS reporting rules, preparing appropriate regulations. The cryptocurrency industry in the United States is about to score a major legal win as the U.S. Treasury Department plans to spare crypto miners, and other "ancillary parties" from tax reporting rules.In a letter to a group of senators on Friday, the U.S. Treasury indicated that it plans to exempt crypto miners, stakers and other market participants from rules that would require crypto brokers to share data on their clients’ transactions with the....
The US Department of the Treasury is targeting companies, oligarchs, and bitcoin miners operating in Russia for the first time ever as the country’s conflict on Ukraine enters its third month. Treasury officials announced Thursday that the department is now pursuing the Russian commercial bank Transkapitalbank, as well as a network of more than 40 […]
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued its first-ever sanctions on a crypto mixer. The mixing service was used by Lazarus Group to process illicit proceeds from the $620 million crypto heist of the online game Axie Infinity, said the Treasury Department. Treasury Department Sanctions Crypto Mixer The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Friday that it has sanctioned crypto mixer Blender.io (Blender). According to the OFAC, this mixing service is used by the Democratic....
FinCEN has released two new Virtual Currency Guidance notes today. FIN-2014-R011 and FIN-2014-R2012 both detail FinCEN's response to requests "for Administrative Ruling on the Application of FinCEN's Regulations to Virtual Currency" Trading Platforms and Payment Systems. FinCEN has clarified that both would require a money transmitter license under their federal rules. FinCEN's clarifications, presented by Jamal El-Hindi, the Associate Director of FinCEN's Policy Division, may be the precursor to a new wave of Bitcoin company crackdowns. Recently, the SEC revealed that there were ongoing....