#bitcoingamblinglegal Is bitcoin Legal? The answer is, yes, depending on what you’re doing with it. There are currently guidelines that explain the answer to this question and address the complex legal landscape surrounding bitcoin.

1. Is Bitcoin Legal - The #1 Question Asked Today Worldwide
#isbitcoinlegal http://bit.ly/bitcoinlegalgaming
Is bitcoin Legal? The answer is, yes, depending on what you’re doing with it. There are currently
guidelines that explain the answer to this question and address the complex legal landscape surrounding
bitcoin. Most of the discussions concern the US, where many of the legal dramas are currently playing
out.
Bitcoin was the only form of currency accepted on Silk Roadwhich was closed by the FBI in 2013. It was
an anonymous marketplace that was only accessible over an anonymous browsing network. Silk Road
was commonly used to sell goods that were illegal in many countries, including narcotics.
US Senator Charles Schumercalled for the site to be closed down, explicitly linking it to bitcoin, which he
called a "surrogate currency". The US Drug Enforcement Administration seized bitcoins from a US
resident for purchasing a controlled substance in June 2013.
Regulators will vary on a per-country basis. You can expect to see national financial regulators
interested in bitcoin and other virtual currencies, potentially along with regional regulators at a sub-
country level.
FinCEN - In the US, the Financial Crimes Enforcement Network (FinCEN), is an agency within the US
Treasury Department, took the initiative and published guidelines about the use of virtual currencies.
FinCEN’s guidance defined the circumstances under which virtual currency users could be categorized as
money services businesses also known as MTBs. MTBs must enforce Anti-Money Laundering (AML) and
Know Your Client (KYC) measures, identifying the people that they’re doing business with.

2. CFTC - The US Commodity Futures Trading Commission (CTFC), which looks after financial derivatives,
hasn’t announced regulation yet, but has made it clear that it could if it wanted to do so.
SEC - The US Securities and Exchange Commission (SEC) hasn’t issued solid regulations on virtual
currencies. Its Office of Investor Education and Advocacy published an investor alert to warn people
about fraudulent investment schemes involving bitcoin.
Legislative branch - The SEC case has forced the legislative branch of government to consider bitcoin’s
legal status. Shavers had claimed that he could not be prosecuted for securities fraud, as bitcoin wasn’t
money. However, Judge Amos Mazzant issued a memorandum arguing that bitcoin can be used as
money.
The US Senate wrote to several law enforcement agencies, inquiring about the threats and risks relating
to virtual currency.
Letters included to the Department Of Homeland Security was fretting about the lack of a paper trail for
regulators and enforcement agencies to follow for virtual currency transactions. It requested policies
and guidance related to the treatment of virtual currencies as well as information about any ongoing
strategic efforts in the area.
The Department of Homeland Security was the most worried about the criminal threat from illicit use of
bitcoin whil The Department of Justice, the Federal Reserve and the Department of Justice all
acknowledged the legitimate uses of virtual currencies.
Each US state has their own financial regulators and laws, and each approaches bitcoin differently.
California and New York have been particularly aggressive in their pursuit of bitcoin-related
organizations.
Other countries such as New Mexico, South Carolina, and Montana don’t regulate money transmitting
businesses.
There were 22 bitcoin-related companies subpoenaed asking for a dialogue to develop appropriate
regulations and guidance for the digital currency industry.
Since then, New York has acted more positively, with the state’s Superintendent of Financial Services
announcing that it will accept applications for digital currency exchanges. Lawsky indicated that these
businesses will be regulated under New York regulation, which he committed to having in place by the
end of the second quarter of 2014.Several banks have stopped accounts owned by people operating
bitcoin exchanges.
In regards to the legality of bitcoin it is starting to become more about who you are, and what Theyou
plan to do with it.