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BITCOIN – 2015 & BEYOND Deborah Thoren-Peden Pillsbury Winthrop Shaw Pittman LLC thoren@pillsburylaw.com | 213-488-7320

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Money Transmission on the Federal Level FinCEN regulates Money Service Businesses (“MSBs”) on the federal level Goal is to prevent money laundering and provide law enforcement with records and data MSBs, in general, are required to: register with FinCEN collect, verify, record report customer information check identities against watch lists (terrorists, criminals, enemies of the state) deny service for some customer file suspicious activity reports with FinCEN if there are unusual or suspicious activity. The threshold amount for filing is $2,000 (or above) on an aggregate basis One kind of MSB is a “Money Transmitter” 1 | BITCOIN – 2015 & BEYOND

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Money Transmission on the Federal Level According to FinCEN, you are a money transmitter if, among other things, you: Accept value from person A and give it to person B Hosted wallets that permits exporting private keys Accept value from person A and give it to A at a different time or place “Storage” services Exchange digital currency for government currency Fiat exchanges Exchange one digital currency for another Crypto exchanges Mine and make a payment to a third party on behalf of your customer For-profit mining services 2 | BITCOIN – 2015 & BEYOND

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Money Transmission on the Federal Level Still, you may not be a “money transmitter” so long as you: Only provide the delivery, communication, or network access services used by a money transmitter to support money transmission services; Act only for your own investment Exercising discretion in your investment strategy But if you make payments to 3rd parties at their direction you may be an MSB Merely perform certain limited payment processing services 3 | BITCOIN – 2015 & BEYOND ...Suffice it to say, you want to fall into one of these categories; however, certain other types of financial services can qualify you as an MSB subject to the extensive reporting and recordkeeping under the BSA, so you need to make sure none of your activities/services are within the scope of the definition of MSB

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Money Transmission on the State Level The states regulate money transmitters separately from the Federal Government The states require not mere registration, but full blown licensure That your business must be licensed in one state does not mean it must be licensed in any other Not guaranteed to be awarded a license; money transmission is a privilege, not a right 4 | BITCOIN – 2015 & BEYOND

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Money Transmission on the State Level First Question: Must my business be licensed? So long as you service or solicit that state's citizens or businesses, no matter where in the world you are, a license may be required. Each state has its own laws on what constitutes: “money” “transmission” 5 | BITCOIN – 2015 & BEYOND

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Money Transmission on the State Level Second Question: Will my business be granted a license? Licensing requirements are onerous; they often include, but are not limited to: Minimum capitalization Six-figure bonding Audited financial statements Personal financial and other records of certain individual owners and executes and directions Appropriate policies and procedures for compliance with applicable laws and regulations 6 | BITCOIN – 2015 & BEYOND

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Money Transmission on the State Level Recent Developments Texas & Kansas recently published guidance on digital currency regulation: Only dealings in money and monetary value are regulated. Pure decentralized digital currency transactions are unregulated. Exchange of Bitcoin for Litecoin? Unregulated. Direct exchange of bitcoins for dollars between two parties? Unregulated. Exchanges that hold dollars until customer orders are matched? Regulated. New York recently proposed a digital currency-specific “BitLicense” First comprehensive state-level AML program Still only a proposal, expected effective in Q1 2015 Poorly-received criticized by the industry as overbroad and unduly restrictive 7 | BITCOIN – 2015 & BEYOND

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Money Transmission on the State Level Recent Developments: The “Bitlicense” (Continued) Who needs a license? Those who: Convert digital currency to fiat currency or another digital currency Receive digital currency for transmission Transmit, secure, store, hold or take control of digital currency Some specifics: No statutory limitation on the bonding requirement – broad discretion to DFS Maintain “full reserve” (no bank-style lending permitted; only vaulting) For all transactions over $10k: must collect and report names of both parties (difficult to satisfy, since sender need not know identity of recipient to send) Prohibition on investing in Bitcoin 8 | BITCOIN – 2015 & BEYOND

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Global Outlook Bolivia: All digital currency transactions banned. The government has announced plans to develop its own digital currency. Bangladesh: All digital currency transactions banned. All digital currency education also banned. China: Banks banned from offering digital currency services and from pricing services in digital currency. England: HMRC taking a “wait and see” approach. Bank of England announced desire to make UK a global hub for digital currency businesses. 9 | BITCOIN – 2015 & BEYOND