Follow the Money
The US Treasury Department, through the Financial Crimes Enforcement Network, implements, administers, and enforces compliance with the Bank Secrecy Act and associated regulations. FinCEN creates the rules that monitor and regulate all US digital currency systems and related businesses. As defined by US law, almost all digital currency businesses are considered to be financial institutions. The Money Service Business Rule (MSB) places all digital currency systems in the category of Money Transmitter Service, and forces all exchange agents, third-party processing agents, and most Bitcoin miners into the category of Money Transmitter.
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- 8.C. J. Linn, 2008, One-Hour Money Laundering Prosecuting Unlicensed Money Transmitting Businesses Under 18 U.S.C. § 1960. Business Law Journal UC Davis School of Law8 (1), 1–2.Google Scholar