FinCEN Rules on Companies Using Blockchain to Transfer Precious Metals
The US Financial Crimes Enforcement Network (FinCEN) ruled that companies using blockchain to transfer precious metals are money transmitters. This came in response to an inquiry from a company which issues digital proofs of custody through the bitcoin blockchain to transfer ownership of gold, silver, and the like. Prior to this ruling, companies that use blockchain to transfer precious metal ownership simply fell under the category of a dealer in precious metals, precious stones, or jewels. Now, FinCEN has clarified that they are also money transmitters, which means that the regulations....
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The Financial Crimes Enforcement Network (FinCEN) has issued a new ruling applicable to US businesses seeking to tokenize commodities for blockchain-based trading. Despite being a response to a specific inquiry by an unnamed company, the letter could be read as broadly applicable to startups seeking to both custody physical assets and issue a digital asset for use in trading. Under such business models, FinCEN suggests startups would need to be licensed in all 50 states. The letter describes the company behind the submission as one that provides an "Internet-based brokerage service" that....
As financial service firms expand their use of the bitcoin block chain for trading and business activity, the Financial Crimes Enforcement Network (FinCEN) isn't missing a beat. FinCEN, an enforcement arm of the U. S. Department of Treasury, has ruled that companies using the bitcoin block chain to transfer precious metals are considered money transmitters and therefore subject to anti-money laundering restrictions. The ruling came in response to a letter from an unnamed company seeking clarification on this point. FinCEN posted the ruling on its website to serve as guidance to financial....
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