Bitcoin Development Group, LLC.,; The petition sought a declaratory statement from the Office on 1) whether a money services business license pursuant to Chapter 560, Florida Statutes would be required for a business wishing to dispense Bitcoin in ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by Bitcoin Development Group, LLC., on July 20, 2016. The following is a summary of the agency’s declination of the petition:

The petition sought a declaratory statement from the Office on 1) whether a money services business license pursuant to Chapter 560, Florida Statutes would be required for a business wishing to dispense Bitcoin in exchange for U.S. dollars in the State of Florida; 2) whether such business, if unlicensed in Florida but registered with FinCEN, could be criminally charged for selling Bitcoin via the aforementioned ATMs in Florida and 3)what if any, other penalties, aside from criminal, that may be incurred as a result of selling virtual currency in the State of Florida if not licensed pursuant to Chapter 560, Florida Statutes. ***************************************** On October 14, 2016, the Office issued a Final Order denying Bitcoin Development Group, LLC., Petition as the facts provided in the Petition are inadequate for the Office to make a determination whether Petitioner's proposed activities constitute money transmission. Although Petitioner states that it sells virtual currency via its machines, the Petition is substantially silent regarding the ownership of the bitcoin coin being sold and the Petitioner's specific role in facilitating the transfer of such bitcoin. Thus, a declaratory statement is not available to Petitioner because the facts provided in the Petition are not clearly identified or delineated.

A copy of the Order Declining of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail], or online at https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.