[hyperplane]

"I'd like to know what exactly is entailed in becoming compliant with money transmitting and laundering regulations."

This. Someone with more understanding of financial regulation, please step in and explain what it is the government would actually want from the currency. This sounds scary to some extent but there's no real reason that it needs to be. I assume it is to enforce real-world identities at the USD/BTC exchange point.

[thinkcomp]

http://www.thinkcomputer.com/corporate/whitepapers/heldhosta... is a good place to start.