Re: Microsoft to accept bitcoin

On 12/11/2014 10:29 PM, Goss, Brian C., M.D. wrote:
> I bet dollars to donuts it's AML 
> (http://www.finra.org/industry/issues/aml/). Which I think is also 
> why Wikipedia collect private info on all bitcoin donators...not 
> because /they /need it, but to prove the money clean before they got 
> it.

+1, that's my guess as well.

This is why the regulatory aspect of what we're doing here is so
important. There are many regulatory rules that are required when
receiving, storing, and transmitting money on behalf of others. The
rules change from country to country, and even state to state (as in the
US):

http://www.fincen.gov/financial_institutions/msb/msbrequirements.html

This is why this group has been arguing to put regulatory hooks into the
standards / source code. The whole regulatory reporting / enforcement
process is archaic and in need of a refresh (and the regulators that
we've spoken to really like this idea):

https://web-payments.org/specs/FCGS/use-cases/2014-11-29/#real-time-regulatory-reporting

-- manu


-- 
Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny)
Founder/CEO - Digital Bazaar, Inc.
blog: High-Stakes Credentials and Web Login
http://manu.sporny.org/2014/identity-credentials/

Received on Friday, 12 December 2014 15:51:38 UTC