ByteFederal, LLC,; The petitioner 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....

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by ByteFederal, LLC, on December 5, 2016. The following is a summary of the agency’s declination of the petition:

The petitioner 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 ATMs in Florida; 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 and 4) what daily transaction per person should require KYC/AML procedures when operating a Bitcoin ATM. On February 3, 2017 the Office issued a Final Order. The facts provided in the Petition are inadequate for the Office to make a determination whether Petitioner's proposed activities would require a money services business license. The facts provided in the Petition are inadequate for the Office to make a determination whether Petitioner's proposed activities could result in a criminal charge. The facts provided in the Petition are inadequate for the Office to make a determination whether Petitioner's proposed activities would incur any other penalties. The facts provided in the Petition are inadequate for the Office to make a determination regarding Petitioner's KYC/AML program.

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.

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