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by IkmoIkmo
4303 days ago
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Nah, a business that's 100% bitcoin-based with no fiat on or off-ramps will still need a money transmitter license. For example an exchange to trade one cryptocurrency for another (bitcoin to litecoin). So even a non-fiat company can indeed be a MSB. It's completely true to say that the IRS deems it property, not currency, and Fincen deems it a money-like product or a money-substitute. It doesn't outright call it currency though, but the implication is there. |
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