ByteFederal LLC, on December 5, 2016.; The petition seeks 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 ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation received a petition for declaratory statement from ByteFederal LLC, on December 5, 2016. The petition seeks the agency’s opinion as to the applicability of Chapter 560, Florida Statutes, as it applies to the petitioner.

The petition seeks 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; 3)what other penalties, if any aside from criminal, may be incurred as a result of selling virtual currency in the State of Florida if not licensed pursuant to Chapter 560, Florida Statutes, and 4) what daily transaction per person should require KYC/AML procedures when operating a Bitcoin ATM.

A copy 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].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].