Bitcoin News Mash-Up: FinCEN New Bitcoin Regulations; UK Court and Moolah; and More

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Bitcoin News Mash-Up: FinCEN New Bitcoin Regulations; UK Court and Moolah; and More

Following are the major Bitcoin news of the day

FinCEN Releases Two New Bitcoin Guidelines
FinCEN added two new guidelines in its existing Bitcoin regulations – FIN201-R011 and R2012-FIN-2014 – in response to requests from cryptocurrency-centered companies and institutions. The state agency said that the companies engaged in the payment processing and trading are money transmitters and would require a license under the federal rules.

UK Court Orders Moolah to Pay Syscoin Funds Back
Alex Green, the LTD and the former CEO of financial service company Moolah, was forced by a UK court to pay 750 BTC back to the Syscoin development team. The warrant issued by London’s High Court was executed in response to a request by the local law firm Selachii LLP, the legal representatives of Syscoin team. Selachii said their continuous attempts to contact Moolah were failed previously, which eventually made them knock the court’s doors. Syscoin manager and developer Wasyluk Dan said:

“Hopefully with this injunction ‘bad actors’ who think that simply because ‘this is crypto’ that they will not be held legally accountable for their actions will now think twice.”

SEC Enquires Bitcoin Companies about Unregistered Securities
Almost over a hundred Bitcoin companies recently received enquiry letters from Securities and Exchange Commission (SEC) over their unregistered securities on Counterparty and Cryptostocks. The organization also asked these companies to submit all documentation with respect to their offer of unregistered securities. Many of these firms have already been anticipating such actions by the SEC.

Polish Company Selling Shares for Bitcoin
Poland-based payment solution provider InPay launched a crowdfunding campaign that allows people to buy company’s shares in exchange of cryptocurrency Bitcoin. Since the company claimed to have obtained approval from the Poland’s official finance authority KNF, it would be legal for them to sell their stocks for a cryptocurrency. InPay aims to raise an equivalent of $60,000 to fund their company’s development and expansion.

To contact the reporter of the story: Yashu Gola at yashu@foexminute.com