California money transmitter cryptocurrency

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Registration done and dusted? Next on the to-do list before you start selling products and offering good is something considerably tougher. This ensures you effectively screen and onboard your customers and put in place the necessary resources and staff to combat potential money laundering and terrorism financing.

To ensure that you develop a resilient and adequate AML program, it is advisable that you consult with an AML compliance specialist such as Kelman Law to cover all angles. S and globally. What constitutes a suspicious activity? Sorry, but FinCEN has saved the worst for last. All U. Unfortunately, U. While certain jurisdictions are decidedly pro-virtual currency, many others take a neutral viewpoint or issue strict regulations, sometimes at the drop of a hat, that stifle their local crypto industry.

Due to the relative newness and fast-moving nature of the cryptocurrency industry, virtual currency regulation at state-level is a complex confluence of different laws and regulations that has to be digested and dealt with on a state-by-state approach. According to FinCEN, ignorance of the law is simply no excuse. The federal regulator frequently publishes clarifying guidances online and expects U.

Mr Powers failed to adhere to the money service business regulatory requirements detailed above. So, the big question is: Are you a money service business by law? The short answer is, most likely. The only way to get surety on your status is to consult with a legal or regulatory expert that specializes in cryptocurrency and AML compliance matters. Kelman Law has been helping crypto companies since to comply with U. Lawyers Zachary and Daniel Kelman have a proven track record in helping cryptocurrencies investors and businesses that extends all the way back to the Mt.

Gox hack and a crypto bill in To get in touch, email us at info kelman. Introduction What type of crypto companies are MSBs? MSB: What is a money transmitter? What type of crypto companies are MSBs? Short answer: Pretty much all of them. Section and 31 C. In addition, 31 C. A cryptocurrency money transmitting business must file a SAR within 30 days days after becoming aware of the suspicious transaction.

The Importance of Obtaining a State-Issued Money Transmitter License The last step to come into compliance with BSA is for a cryptocurrency money transmitter to obtain a license from the state it conducts business. There exists no uniformity among the states when it comes to regulating cryptocurrency businesses.

For example, under the California money transmitter statute, businesses receiving money or monetary value for transmission within or outside the U. Espinoza , So.

Espinoza was charged with operating an unlicensed money service business by selling bitcoin. As indicated above, U. Due to these differences, it is vital for any individual or business transacting in cryptocurrencies to get a professional opinion regarding their compliance obligations.

In addition, 18 U. Section the federal racketeering law makes the failure to maintain any required state money transmitter license a federal crime. Finally, State v. Espinoza indicates that the sale of cryptocurrency without a state license could trigger a state felony criminal prosecution. Conclusion If you are in the business of selling cryptocurrency, you should consult with a qualified attorney to advise you of your state and federal compliance obligations.

We have advised many clients regarding cryptocurrency matters. We have also represented cryptocurrency businesses before Department of Treasury audits. Anthony focuses his practice on domestic and international tax planning for multinational companies, closely held businesses, and individuals. Anthony has written numerous articles on international tax planning and frequently provides continuing educational programs to other tax professionals. Anthony also regularly advises foreign individuals on tax efficient mechanisms for doing business in the United States, investing in U.

Anthony is a member of the California and Florida bars. He can be reached at or adiosdi sftaxcounsel.