<p>If the business is based in the US, yes.</p>

<p>Edit: IANAL, but in my opinion a wallet service clearly falls into the category of <em>money transmitter</em> according to <a href="http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html" rel="nofollow">FinCEN's virtual currency regulations</a>.</p>

CC BY-SA 3.0
2013-12-03T13:10:16.383Z
Please provide an argument or source of information that supports your answer.
Murch
CC BY-SA 3.0
2013-12-03T13:53:57.733Z
@Murch, answer edited with FinCEN reference. I actually learned about it from a local bitcoin meetup where US regulation was heavily discussed. Of course, most regulations are normally open to different interpretations. A good lawyer can work miracles.
ktorn
CC BY-SA 3.0
2013-12-02T05:43:18.813Z
2013-12-03T13:48:32.377Z
2013-12-03T13:48:32.377Z
ktorn
<p>Do hosted wallet services located in the USA need to register with the fenCEN as a MSB?</p>

<legal>
Are bitcoin wallets money service businesses (MSB)?
detroitpro
# Are bitcoin wallets money service businesses (MSB)?

(Asked by: username_0 on 2013-12-02)

Do hosted wallet services located in the USA need to register with the fenCEN as a MSB?

**Tags:** legal


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## 1 answers

### Answer by username_1 on 2013-12-02. Score: 1 | Accepted answer

If the business is based in the US, yes.

Edit: IANAL, but in my opinion a wallet service clearly falls into the category of *money transmitter* according to [FinCEN's virtual currency regulations](http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html).

> **Comments:**
> **username_2**: Please provide an argument or source of information that supports your answer.  
> **username_1**: @username_2, answer edited with FinCEN reference. I actually learned about it from a local bitcoin meetup where US regulation was heavily discussed. Of course, most regulations are normally open to different interpretations. A good lawyer can work miracles.  

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