FINCEN Virtual Currency Guidance

As recently reported, FINCEN issued significant guidance on legal issues with virtual currency. Shortly thereafter, an enforcement action was intitiated against Mt. Gox, one of the largest bitcoin exchanges for operating without the proper licenses.

The use of virtual currency is prevalent and an important part of many social media and games business models. But it is imperative to understand the legal ramifications of its use. For an overview of the FINCEN guidance our team has prepared an Article regarding these issues.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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