Miners and investors in the US are not subject to the law

Portal CoinDesk writes that the US Financial Crimes Enforcement Network (FinCEN) published two new rulings. This rulings aim to bring clarity as to which players in the virtual currency space will fall under the Bank Secrecy Act’s (BSA) definition of a money transmitter. FinCEN said that miners who mine virtual currency for their own use, as well as companies that purchase and sell convertible virtual currency solely as an investment aren’t subject to this law.

Here is what is stated in the press release of FinCEN:

«The first ruling states that, to the extent a user creates or “mines” a convertible virtual currency solely for a user’s own purposes, the user is not a money transmitter under the BSA. The second states that a company purchasing and selling convertible virtual currency as an investment exclusively for the company’s benefit is not a money transmitter».

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