FINCEN has recently issued what is perhaps the most specific pieces of regulatory Guidance on the financial regulatory issues with virtual currencies. This guidance clarifies the applicability of the Bank Secrecy Act ("BSA") to entities creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies. These guidelines relate to a wide variety of virtual currencies.

 There are a few aspects fo this guidance that are surprsing to some people. If you are dealing with virtual currency, you must be aware of what these guidelines mean for you.