Abstract
On July 29, 2011, FinCEN published a final rule on definitions and other regulations relating to prepaid access better known as the “prepaid access rule.” All existing digital currency companies and agents engaged in US business were now considered to be operating under the “prepaid access” rule with very few exceptions. Several large digital currency companies withdrew from the US market. Bitcoin was proven to not be subject to the new Prepaid Access Rule.
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Notes
C. Mullan, 2011. GM=No More Money Transmission Just Metal Sales. [online] Available at: http://www.issuu.com/dgcmagazine/docs/digital-gold-currency-magdecember-zou (accessed: December 14, 2013).
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© 2014 P. Carl Mullan
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Mullan, P.C. (2014). Prepaid Access. In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations. Palgrave Pivot, New York. https://doi.org/10.1057/9781137382559_10
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DOI: https://doi.org/10.1057/9781137382559_10
Publisher Name: Palgrave Pivot, New York
Print ISBN: 978-1-349-48002-9
Online ISBN: 978-1-137-38255-9
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