No Registration Needed for Cryptocurrency Miners in the US

Earlier this year when the Bitcoin became a mainstream name and more and more people were looking into investing and mining the popular cryptocurrency, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) created a guide, telling Americans how cryptocurrencies should be regulated. The guide made it clear for most miners that both companies and individuals mining the popular cryptocurrency would need to register with the US government as a money service business, which was not an ideal situation for the miners that were only mining for themselves and not as a business.

Now it is completely different, as FinCEN has send a letter to the New Jersey based Bitcoin company Atlantic City Bitcoin, clarifying exactly what they meant: “To the extent that a user mines Bitcoin and uses the Bitcoin solely for the user’s own purposes and not for the benefit of another, the user is not an MSB under FinCEN’s regulations, because these activities involve neither “acceptance” nor “transmission” of the convertible virtual currency and are not the transmission of funds.”. The letter from FinCEN also explains exactly which users that will still need to register with them when they are mining Bitcoins.

With the great news from FinCEN, American miners can now breathe a little more easy and not worry about having to file a ton of documents when they are mining cryptocurrencies. 

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

Recent Posts

Bitcoin mining as a catalyst in the world’s transition to green energy

Bitcoin mining to drive the world’s transition to green energy. This is what Mike Colyer, Chief Executive Officer of Foundry Digital,…

12 hours ago

April 14, HUGE day for Crypto as Coinbase direct listing is just hours away

Today is a huge day for Crypto. Coinbase, the top cryptocurrency exchange in the United States, will launch its COIN…

14 hours ago

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

1 day ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

1 day ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

1 day ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

2 days ago