2

Do hosted wallet services located in the USA need to register with the fenCEN as a MSB?

2

If the business is based in the US, yes.

Edit: IANAL, but in my opinion a wallet service clearly falls into the category of money transmitter according to FinCEN's virtual currency regulations.

  • Please provide an argument or source of information that supports your answer. – Murch Dec 3 '13 at 13:10
  • @Murch, answer edited with FinCEN reference. I actually learned about it from a local bitcoin meetup where US regulation was heavily discussed. Of course, most regulations are normally open to different interpretations. A good lawyer can work miracles. – ktorn Dec 3 '13 at 13:53

Not the answer you're looking for? Browse other questions tagged or ask your own question.