FinCEN GUIDANCE 金融犯罪執行機関連絡室 手引き

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  • FIN-2019-G001
  • 発行: 2019/05/09
  • 件名: (法定通貨と)両替可能な仮想通貨を含む特定のビジネスモデルに対するFinCENの規制の適用

The Financial Crimes Enforcement Network (FinCEN) is issuing this interpretive guidance to remind persons subject to the Bank Secrecy Act (BSA) how FinCEN regulations relating to money services businesses (MSBs) apply to certain business models[1] involving money transmission denominated in value that substitutes for currency, specifically, convertible virtual currencies (CVCs).[2]


[1] For a discussion of the concept of “business model” as used within this guidance, see infra, Section 1.1.

[2]. For a discussion of the concepts of “value that substitutes for currency” and “convertible virtual currency” as used within this guidance, see infra, Sections 1.2. and 1.3.

This guidance does not establish any new regulatory expectations or requirements.


Rather, it consolidates current FinCEN regulations, and related administrative rulings and guidance issued since 2011, and then applies these rules and interpretations to other common business models involving CVC engaging in the same underlying patterns of activity.


This guidance is intended to help financial institutions comply with their existing obligations under the BSA as they relate to current and emerging business models involving CVC by describing FinCEN’s existing regulatory approach to the issues most frequently raised by industry, law enforcement, and other regulatory bodies within this evolving financial environment.


In this regard, it covers only certain business models and necessarily does not address every potential combination of facts and circumstances.


The overall structure of this guidance is as follows:


Section 1 defines certain key concepts within the context of the guidance.


Although the titles or names assigned to these key concepts may coincide with terms customarily used by industry and share similar attributes, for purposes of the guidance their meaning is limited to the definition provided in the guidance.


Section 2 consolidates and explains current FinCEN regulations, previous administrative rulings, and guidance involving the regulation of money transmission under the BSA.


By consolidating and summarizing rules and interpretation in a single Section, this guidance provides a resource to help financial institutions comply with their existing obligations under the BSA as they relate to current and emerging activities involving CVC.


Section 3 summarizes the development and content of FinCEN’s 2013 guidance on the application of money transmission regulations to transactions denominated in CVC.[3]


[3]FIN-2013-G001, “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies,” Mar. 18, 2013 (“2013 VC Guidance”).

FIN-2013-G001、「仮想通貨の管理、交換、または使用へのFinCENの規則の適用」、2013.05.18 (2013年VCガイダンス)

Sections 4 and 5 describe FinCEN’s existing regulatory approach to current and emerging business models using patterns of activity involving CVC.


This approach illustrates how FinCEN fits existing interpretations about certain activities to other activities that at first may seem unrelated, but conform to the same combination of key facts and circumstances.


Finally, Section 6 contains a list of resources to which interested parties may refer for further explanation about the content of the guidance, or to assist in evaluating facts and circumstances not expressly covered in this guidance.


1. Key Concepts 主要概念

The following subsections describe how FinCEN frames certain key concepts for purposes of this guidance.


1.1. Business Model ビジネスモデル

Whether a person is a money transmitter under FinCEN’s regulations is a matter of facts and circumstances.[4]

FinCENの規制の下で、money transmitterかどうかは、事実と状況の問題です。

[4]. 31 CFR § 1010.100(ff)(5)(ii).

Within the context of this guidance, “business model” refers to the subset of key facts and circumstances relevant to FinCEN’s determination of (a) whether the specific person meets the definition of a particular type of financial institution and (b) what regulatory obligations are associated with the specific activities performed within the business model.


This guidance may refer to a pattern of activity as a business model using a title or name (“label”) that may coincide with a label used by industry to designate a general type of product or service.


The label, however, will not determine the regulatory application.


Rather, this guidance applies to any business model that fits the same key facts and circumstances described in the guidance, regardless of its label.


Conversely, the regulatory interpretations in this guidance will not apply to a business model using the same label, but involving different key facts and circumstances.


In addition, differences in similar business models may lead to different regulatory applications.


The regulatory interpretations contained in this guidance may extend only to other business models consisting of the same key facts and circumstances as the business models described herein.

このガイダンスに含まれる規制上の解釈は、ここに記載されているビジネスモデルと 同一の 重要な事実及び状況からなる他のビジネスモデルにのみ、拡張し得ます。

Therefore, a particular regulatory interpretation may not apply to a person if their business model contains fewer, additional, or different features than those described in this guidance.


Lastly, a person who is engaged in more than one type of business model at the same time may be subject to more than one type of regulatory obligation or exemption.


For example, a developer or seller of either a software application or a new CVC platform may be exempt from BSA obligations associated with creating or selling the application or CVC platform, but may still have BSA obligations as a money transmitter if the seller or developer also uses the new application to engage as a business in accepting and transmitting currency, funds, or value that substitutes for currency, or uses the new platform to engage as a business in accepting and transmitting the new CVC.


Likewise, an exemption may apply to a person performing a certain role in the development or sale of a software application, while a different person using the same application to accept and transmit currency, funds, or value that substitutes for currency would be still subject to BSA obligations.


1.2. Value that Substitutes for Currency 通貨に変わる価値

1.2.1. Definitions 定義

In 2011, FinCEN issued a final rule (“2011 MSB Final Rule”)[5] defining a money services business as, “a person wherever located doing business, whether or not on a regular basis or as an organized or licensed business concern, wholly or in substantial part within the United States,” operating directly, or through an agent, agency, branch, or office, who functions as, among other things, a “money transmitter.”[6]

2011年に、FinCENは最終規則(「2011 MSB最終規則」)[5]発行し、マネーサービス事業を、「ビジネスを行う場所にかかわらず、定期的か組織化されているか認可された起業かにかかわらず、全体または大部分が米国内」であり、直接または代理人、代理店、支店、事務所、とりわけ「money transmitter」として機能する者と定義しました。

[5]. Bank Secrecy Act Regulations - Definitions and Other Regulations Relating to Money Services Businesses, 76 FR 43585 (July 21, 2011).

[6]. 31 CFR § 1010.100(ff).

FinCEN’s regulations define the term “money transmitter” to include a “person that provides money transmission services,” or “any other person engaged in the transfer of funds.”[7]

FinCENの規則では「money transmitter」という用語は、「送金サービスを提供する者」または「資金の送信に従事するその他の者」を含むように定義されている。(為替業者)

A “transmittor,” on the other hand, is “[t]he sender of the first transmittal order in a transmittal of funds.[7]


[7]. 31 CFR § 1010.100(ff)(5).

The term transmittor includes an originator, except where the transmittor’s financial institution is a financial institution or foreign financial agency other than a bank or foreign bank.”[8]


[8]. 31 CFR § 1010.100(fff).

In other words, a transmittor initiates a transaction that the money transmitter actually executes.


※訳注 transmitterは事業者、transmittorは送金依頼人。末尾の or と er で意味が違う。

The term “money transmission services” is defined to mean the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.[9]

「money transmission services」という用語は、ある人から通貨、資金、または 通貨の代わりになる価値受領 、および他の場所または人へ何らかの手段によって通貨、資金、または 通貨の代わりになる価値送信 することを意味すると定義されています。[9]

[9]. 31 CFR § 1010.100(ff)(5)(i)(A) (emphasis added).]

The term “other value that substitutes for currency” encompasses situations in which the transmission does not involve currency,[10] or funds, but instead involves something that the parties to a transaction recognize has value that is equivalent to or can substitute for currency.

「"other value that substitutes for currency" 通貨の代わりになる他の価値」という用語は、送信が通貨や資金を含まず、代わりに当事者が通貨と同等または代替可能な価値があると認識する何か含むような状況を含みます。[10]

[10]. 31 CFR § 1010.100(m) (defining currency as “[t]he coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Currency includes U.S. silver certificates, U.S. notes and Federal Reserve notes. Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country.”)


FinCEN’s regulation does not limit or qualify the scope of the term “value that substitutes for currency.”


It can be created either (a) specifically for the purpose of being used as a currency substitute or (b) originally for another purpose but then repurposed to be used as a currency substitute by an administrator (in centralized payment systems) or an unincorporated organization, such as a software agency (in decentralized payment systems).[11]


[11]. See 2013 VC Guidance, at 4-5 (discussing centralized and decentralized payment systems).


※訳注: ソフトウェアエージェント - Wikipedia DApp的な概念を指している?

In either case, the persons involved in the creation and subsequent distribution of the value (either for the original purpose or for another purpose) may be subject to additional regulatory frameworks (other than the BSA) that govern licensing and chartering obligations, safety and soundness regulations, minimum capital and reserve requirements, general and financial consumer and investor protection, etc.


When subject to these other regulatory frameworks, the person may be exempted from MSB status but be covered as a different type of financial institution under FinCEN regulations.


1.2.2. Application of BSA regulations to persons exempt from MSB status engaged in transactions denominated in any type of value that substitutes for currency 通貨の代わりとなるあらゆる種類の価値で表示された取引に従事するMSB資格を免除された者に対する、BSA規制の適用

The term “money services business” does not include: (a) a bank or foreign bank; (b) a person registered with, and functionally regulated or examined by, the U.S. Securities and Exchange Commission (SEC) or the U.S. Commodity Futures Trading Commission (CFTC), or a foreign financial agency that engages in financial activities that, if conducted in the United States, would require the foreign financial agency to be registered with the SEC or CFTC; or, (c) a natural person who engages in certain identified MSB activity (i.e., dealing in foreign exchange, check cashing, issuing or selling traveler’s checks or money orders, providing prepaid access, or money transmission) but does so on an infrequent basis and not for gain or profit.[12]

“money services business” という用語には、次のものは含まれません。(a) 銀行、または外国銀行、(b)米国証券取引委員会(SEC)または米国商品先物取引委員会(CFTC)に登録され検査された者、または、米国内で営業する場合にSECまたはCFTCに登録が求められる金融活動に従事する外国金融代理店、(c)特定のMSB活動(外国為替、小切手換金、トラベラーズジェックまたはマネーオーダーの発行または販売、プリペイドアクセスの提供、または送金)に従事する自然人であるが、低頻度かつ利益を得ることを目的としていないもの[12]

Banks and persons registered with, and functionally regulated or examined by, the SEC or the CFTC, that engage in transactions denominated in value that substitutes for currency will be subject to BSA regulations according to the applicable section of 31 CFR Chapter X.[13]


[12]. 31 CFR § 1010.100(ff)(8). In the case of 1010.100(ff)(8)(ii), the exemption applies only if the person itself is registered with, and functionally regulated or examined by the SEC or CFTC; the exemption may not apply if it is, for example, the document instrumenting the offer or sale of an asset (and not the person offering or selling the asset) that which must be registered.


[13]. The appropriate definitions and specific regulations may be found as follows: banks (31 CFR §§ 1010.100(d) and 1020, respectively); brokers or dealers in securities (31 CFR §§ 1010.100(h) and 1023, respectively); futures commission merchants (31 CFR §§ 1010.100(x) and 1026, respectively); introducing brokers in commodities (31 CFR §§ 1010.100(bb) and 1026, respectively); and mutual funds (31 CFR §§ 1010.100(gg) and 1024, respectively).

適切な定義及び特定の規則は次のとおりです。銀行(31 CFR §§ 1010.100(d) および1020のそれぞれ)、証券のブローカーまたはディーラー(31 CFR §§ 1010.100(h) および1023のそれぞれ)、先物コミッションの加盟店(31 CFR §§ 1010.100(x) および1026のそれぞれ)、ブローカーを商品に紹介すること(31 CFR §§ 1010.100(bb) と 1026 のそれぞれ)、投資信託(31 CFR §§ 1010.100(gg) と 1024のそれぞれ)。

1.2.3. Application of BSA regulations to persons not exempt from MSB status engaged in transactions denominated in any type of value that substitutes for currency 通貨の代わりになるあらゆる種類の価値で表示される取引に従事しているMSB資格を免除されていない人へのBSA規制の適用

A person not exempt from MSB status under 31 CFR § 1010.100(ff)(8) may be a money transmitter when the person engages in transactions covered by FinCEN’s definition of money transmission, regardless of the technology employed for the transmittal of value or the type of asset the person uses as value that substitutes for currency, or whether such asset is physical or virtual.

FinCENの“money transmission”の定義でカバーされている取引に従事するとき、31 CFR § 1010.100(ff)(8) に基づくMSB資格を免除されていない者は、資産の送信に利用された技術や通貨の代わりになる価値として使用する資産の種類にかかわらず、またはそのような資産が物理的なものか仮想的なものかにかかわらず、“money transmitter”です。

In general, persons not covered by 1010.100(ff)(8)(ii) who issue securities and futures, or purchase and sell securities, commodities, and futures, are outside the scope of the BSA.

一般的に、1010.100(ff)(8)(ii) でカバーされていない、有価証券や先物を発行したり、証券、商品、先物を売買したりする人は、BSAのスコープ外です。

However, such persons could be covered by BSA money transmission regulations under certain facts and circumstances, in accordance with (a) the regulatory definition of money transmitter, (b) any applicable exemption from the definition (see Section 2 below), and (c) regulatory interpretations such as those contained in FIN-2008-G008 and FIN2015-R001:

しかしながら、特定の事実と状況の下では、このような者は以下に従ってBSA “money transmission” 規制でカバーされる可能性があります。(a)“money transmitter”の規制上の定義、(b)定義(下記のセクション2参照)から適用可能な何らかの適用除外、(c)FIN-2008-G008 や FIN2015-R001に含まれているような規制の解釈:

a) FIN-2008-G008, “Application of the Definition of Money Transmitter to Brokers and Dealers in Currency and other Commodities,” September 10, 2008, states that as long as a broker or dealer in real currency or other commodities accepts and transmits funds solely for the purpose of effecting a bona fide purchase or sale of the real currency or other commodities for or with a customer, such person is not acting as a money transmitter under the regulations.

2018年9月10日のFIN-2008-G008の「通貨とその他コモディティのブローカーとディーラーへのMoney Transmitterの定義の適用」は、実通貨または商品のブローカーやディーラーが、それらを善意(無過失)で購入または売却する目的のために資金を単独で受領し送信する限りにおいては、こうした者は規制のもとでmoney transmitterとしては行動していないと位置づけている。

However, if the broker or dealer transfers funds between a customer and a third party that is not part of the currency or commodity transaction, such transmission of funds is no longer a fundamental element of the actual transaction necessary to execute the contract for the purchase or sale of the currency or the other commodity, and the broker or dealer becomes a money transmitter.

しかしながら、ブローカーやディーラーが顧客と第三者の間で資金を移転する場合、それは通貨や商品の送信の一部ではありません。そのような資金の送信はもはや実際の取引において通貨や商品の売買契約を実行するのに必要な基本的な要素ではなく、ブローカーやディーラーは“money transmitter”になります。

This regulatory interpretation extends to persons intermediating in the purchase and sale of securities or futures.[14] この規制上の解釈は、有価証券または先物を仲介する者にも及びます。[14]

[14]. See also 2011 MSB Final Rule, 76 FR at 43594 (stating “[P]ersons that sell goods or provide services other than money transmission services, and only transmit funds as an integral part of that sale of goods or provision of services, are not money transmitters. For example, brokering the sale of securities, commodity contracts, or similar instruments is not money transmission notwithstanding the fact that the person brokering the sale may move funds back and forth between the buyer and seller to effect the transaction.”).

2011年 MSB最終規則、76 FRの43594(「商品の販売または送金以外のサービスを提供する者で、かつその商品の販売またはサービスの提供に不可欠な資金を送金をするだけの者は、money transmittersではない。たとえば、有価証券、商品契約、または同様の手段の仲介は、その売買を仲介する者が取引のために売り手と書いての間で資金をやり取りしうるという事実にもかかわらず、money transmitterではありません。」と述べている)。

The 2011 MSB Final Rule updated, streamlined, and clarified MSB regulations based on FinCEN’s large body of guidance and administrative rulings previously issued.


2011 MSB Final Rule, 76 FR at 43586.

2011年MSB最終規則76 RF 43586

Such previous guidance or administrative rulings, which FinCEN has not withdrawn, remain instructive and are cited herein to assist in understanding FinCEN’s current interpretation of its MSB regulations. 


b) FIN-2015-R001, “Application of FinCEN’s Regulations to Persons Issuing Physical or Digital Negotiable Certificates of Ownership of Precious Metals,” August 14, 2015, applies a similar interpretation to digital certificates evidencing the ownership of a certain amount of a commodity.


This regulatory interpretation also extends to physical or digital certificates of ownership of securities or futures contracts.


In the regulatory interpretations above, money transmission could involve either (a) the movement of currency of legal tender to or from accounts originally set up to buy or sell commodities (or securities, or futures); or (b) the issuance and subsequent acceptance and transmission of a digital token that evidenced ownership of a certain amount of a commodity, security, or futures contract.

上記規制の解釈では、money transmissionには以下のいずれかが含まれる可能性があります。(a)もともと商品(または有価証券、先物)の売買のために設定された口座への、またはそこからの、法定通貨の移動(b)一定量の商品、証券、先物契約の所有権を証明するデジタルトークンの発行とそれに続く受け取りと送信。

At the time of the rulings mentioned above, the commodity, security, or futures contract itself was not used to engage in money transmission primarily because such contracts were fractioned in relatively large individual amounts not suitable for money transmission. 通達が上記に言及した時点では、商品、証券、先物契約自体は、主にそのような契約は送金に適さない比較的大きな金額で分割されていたため、送金に従事するにあたって使用されていませんでした。

However, if assets that other regulatory frameworks define as commodities, securities, or futures contracts were to be specifically issued or later repurposed to serve as a currency substitute, then the asset itself could be a type of value that substitutes for currency, the transfer of which could constitute money transmission.


Therefore, as explained above, money transmission may occur when a person (or an agent, or a mechanical or software agency owned or operated by such person) not exempt from MSB status:


a) uses any representation of currency of legal tender (paper money, coins, Federal Reserve Bank notes, United States notes, funds credited to an account) associated with the purchase or sale of commodities, securities, or futures contracts to engage in money transmission;


b) issues physical or digital tokens evidencing ownership of commodities, securities, or futures contracts that serve as value that substitutes for currency in money transmission transactions; or


c) issues or employs commodities, securities, or futures contracts by themselves as value that substitutes for currency in money transmission transactions


1.3. Convertible Virtual Currency (CVC) 両替可能な仮想通貨(CVC)

The term “virtual currency” refers to a medium of exchange that can operate like currency but does not have all the attributes of “real” currency, as defined in 31 CFR § 1010.100(m), including legal tender status.[15]

仮想通貨とは、31 CFR § 1010.100(m)に定義されているように、通貨のように機能するが、法定通貨を含む実際の通貨のすべての特性は持ってはいない支払手段を指します。[15]

[15]. 2013 VC Guidance, at 1; see also, inpra, section 3.

2013 VC Guidance, の 1。また下記セクション3参照. 

CVC is a type of virtual currency that either has an equivalent value as currency, or acts as a substitute for currency, and is therefore a type of “value that substitutes for currency.”

CVCは、通貨と同等の価値を持つか、通貨の代替として機能する仮想通貨の1種であり、そのため“value that substitutes for currency”「通貨の代わりになる価値」の一種です。

As mentioned above, the label applied to any particular type of CVC (such as “digital currency,” “cryptocurrency,” “cryptoasset,” “digital asset,” etc.) is not dispositive of its regulatory treatment under the BSA.

前述のように、特定の種類のCVCに適用されるラベル(“digital currency,” “cryptocurrency,” “cryptoasset,” “digital asset,”といったもの等)は、BSAの下での規制上の取扱を否定するものではありません。

Similarly, as money transmission involves the acceptance and transmission of value that substitutes for currency by any means, transactions denominated in CVC will be subject to FinCEN regulations regardless of whether the CVC is represented by a physical or digital token, whether the type of ledger used to record the transactions is centralized or distributed, or the type of technology utilized for the transmission of value.


Under the BSA, the term “person” means “[a]n individual, a corporation, a partnership, a trust or estate, a joint stock company, an association, a syndicate, joint venture, or other unincorporated organization or group, an Indian Tribe (as that term is defined in the Indian Gaming Regulatory Act), and all entities cognizable as legal personalities.”[16]

BSAの元では、「者」という用語は、「個人、法人、パートナーシップ、信託または不動産、ジョイント・ストック・カンパニー、協会、シンジケート、ジョイントベンチャー、またはその他非法人組織やグループ、インディアン部族(この用語はIndian Gaming Regulatory Actで定義されている)、そしてすべての法人格として認識できる存在」を意味します。

[16]. 31 CFR § 1010.100(mm).

※訳注: ネイティブアメリカンアメリカ合衆国自治区を形成しており、禁止事項は順守しなければならないが、規制事項については遵守義務がない。無制限のカジノを規制するために定められたのがIndian Gaming Regulatory Actで、そこにインディアン部族という用語が登場する様子。(カジノの実施主体と思われる。)

In general, whether a person qualifies as an MSB subject to BSA regulation depends on the person’s activities and not its formal business status.


Thus, whether a person is an MSB will not depend on whether the person: (a) is a natural person or legal entity; (b) is licensed as a business by any state; (c) has employees or other natural persons acting as agents; (d) operates at a brick-and-mortar branch, or through mechanical or software agents or agencies; or (e) is a for profit or nonprofit service.[17]

従って、ある者がMSBかどうかは、その者が以下のものであるかどうかに左右されません。 (a)自然人または法人、(b)いずれかの州に事業として認可されている、(c)従業員がいる、または他の自然人が代理人として行動している、(d)実店舗で、あるいは機械的またはソフトウェアの代理人または代理店を通じて運営する、(e)営利目的または非営利目的である。[17]

[17]. FinCEN clarified these points in the Preamble to the 2011 MSB Final Rule, 76 FR, at 43587.

FinCENはこれらの点を2011年のMSB最終規則76 FR, at 43587の前文で明確にしました。

At the same time, a person still qualifies as a money transmitter if that person’s activities include receiving one form of value (currency, funds, prepaid value, value that substitutes for currency – such as CVC, etc.) from one person and transmitting either the same or a different form of value to another person or location, by any means.[18]

同時に、もしある者が価値のいち形態(通貨、資金、前払いの価値、CVCのような通貨の代わりになる価値等)をある人から受領し、何らかの手段によって、同じものあるいは異なる形態の価値をまた別のある人や場所へ送信する活動を含んでいるのであれば、そのものは依然として“money transmitter”の要件を満たす。

[18]. 2011 MSB Final Rule, 76 FR, at 43592.

Similarly, a money transmitter may accept and transmit value in either order.

同じようにmoney transmitterはどちらの順番でも価値を受領・送信し得ます。

That is, a person is still a money transmitter under FinCEN regulations if the person transmits value first, and only later accepts corresponding value for this transfer.[19]

つまり、その者が価値を最初に送信し、あとでこの移転に対応する価値を受領するだけでも、FinCENの規制下で依然としてmoney transmitterです。

[19]. Ibid.


Likewise, a person may be a money transmitter when operating either on a transactional basis or on an account basis.[20]

同様に、取引ベースまたは口座ベースのいずれかで運営している場合も、money transmitterであり得ます。

[20]. Amendment to the Bank Secrecy Act Regulations Relating to Recordkeeping for Funds Transfers and Transmittals of Funds by Financial Institutions, 60 FR 220, Jan. 3, 1995 (stating “An established customer is defined as a person with an account with a financial institution or a person with respect to which the financial institution has obtained and maintains on file the name and address, as well as the customer’s taxpayer identification number or, if none, alien identification number or passport number and country of issuance, and to which the financial institution provides financial services relying on that information…. Such relationships with nonbank financial institutions may include, but are not limited to, accounts with broker/dealers and ongoing contractual relationships between providers of money transmitting services and business customers.”) 

金融機関による資金の移転または伝送のための記録保持に関する銀行秘密保護法の改正 60 FR 220, Jan. 3, 1995 (「既存顧客とは、金融機関の口座を持つ人、または、金融機関が名前と住所および納税者番号、なければ外国人識別番号やパスポート番号と発行国についてを取得・ファイルに保持している人、および金融機関がその情報に基づいて金融サービスを提供する先...。ノンバンクとのこのような関係には、ブローカー/ディーラーとの口座や送金サービスの提供者との間の継続的な契約関係が含まれるが、それに限定されない」と述べている)

A transactional basis includes oneoff transactions where there is no expectation that the money transmitter will establish an ongoing relationship with the transactor, and the money transmitter retains the currency, funds, or other value that substitutes for currency, only for the time required to effect the transmission.

取引ベースには、money transmitterが取引人と継続的な関係を築くことが期待されず、money transmitterは通貨、資金、またはその他通貨の代わりになる価値を移転を行うのに必要な間だけ保持しない、一回限りの取引を含みます。

By contrast, an account basis includes circumstances where the transactor is an established customer of the money transmitter, as defined in 31 CFR § 1010.100(p), and the money transmitter may maintain an account for the transactor to store funds or value that substitutes for currency, from which the transactor can instruct the money transmitter to transfer them in whole or in part.

これとは対照的に、口座ベースには、31 CFR § 1010.100(p)に定義されているように、取引者が送金業者の既存の顧客である場合で、money transmitterが資金や通貨を代替する価値を保管し、取引者がその全てまたは一部の移転を指示できるように、money transmitterが取引者の口座を維持することができる状況が含まれる。

Finally, a person will qualify as a money transmitter if that person accepts value with the intent of transmitting it only under certain conditions.

最後に、ある人が特定の条件下でのみ送信する目的で価値を受領する場合、money transmitterとしての要件を満たします。

For example, if a person operates a platform that facilitates the conditional exchange of value between two parties—such as the exchange of CVC against currency only when an agreed upon exchange rate and amount is met—such person will be engaged in money transmission every time the conditions (such as the exchange rate and amount) are met and the person completes the reciprocal transfers.[21]

例えば、ある者が、合意された交換レートと金額が満たされたときだけの通貨に対するCVCの交換といった、2者間で条件付きで価値が交換されるプラットフォームを運用している場合、このような者は条件(交換レートや金額)が合致したときはいつもmoney transmissionに従事しており、この者は相互の移転を完了しています。

[21]. See FIN-2014-R011, “Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Trading Platform,” Oct. 27, 2014.


As discussed above, whether a person is a money transmitter depends on the facts and circumstances of a given case.

上述のように、その者がmoney transmitterかどうかは、ケースごとの事実と状況によります。

FinCEN regulations, however, specify certain activities are excluded from the definition of “money transmitter.”

しかしながら、FinCEN規制は、特定の活動が“money transmitter”の定義から除外されることを明記しています。

Specifically, a person is not a money transmitter if that person only:

具体的には、以下の場合のみその者はmoney transmitterではありません。

a) provides the delivery, communication, or network access services used by a money transmitter to support money transmission services;

money transmitterが送金サービスを提供するために使用される配信、通信、ネットワークサービスを提供する

b) acts as a payment processor to facilitate the purchase of, or payment of a bill for, a good or service through a clearance and settlement system by agreement with the creditor or seller;


c) operates a clearance and settlement system or otherwise acts as an intermediary solely between BSA regulated institutions;


d) physically transports currency, other monetary instruments, other commercial paper, or other value that substitutes for currency as a person primarily engaged in such business, such as an armored car, from one person to the same person at another location or to an account belonging to the same person at a financial institution, provided that the person engaged in physical transportation has no more than a custodial interest in the currency, other monetary instruments, other commercial paper, or other value at any time during the transportation;


e) provides prepaid access, as defined in 31 CFR § 1010.100(ff)(4); or

31 CFR § 1010.100(ff)(4) に定義されているように、プリペイドアクセスを提供する

f) accepts and transmits funds only integral to the sale of goods or the provision of services, other than money transmission services, by the person who is accepting and transmitting the funds.[22]


[22]. 31 CFR § 1010.100(ff)(5)(ii)(A)-(F)

FinCEN interprets these exemptions strictly.


Therefore, a person may not take advantage of a particular exemption if the activity it engages in does not conform fully to an exemption.[23]


23. See [FIN-2014-R010](https://www.fincen.gov/sites/default/files/administrative_ruling/FIN-2014-R010.pdf), “Administrative Ruling on the Application of FinCEN Regulations to Currency Transporters, Including Armored Car Services, and Exceptive Relief,” Sept. 24, 2014. 


2.1. BSA Obligations of Money Transmitters 「Money Transmittersの銀行秘密保護法義務」

The BSA regulatory framework begins with the expectation that financial institutions will operate under a culture of compliance supported by senior leadership, including owners, boards of directors, and senior executives.


This culture of compliance will dictate the basic norms of behavior, knowledge, and transparency under which the management team, employees, and service providers will be held accountable.[24]


[24] See [FIN-2014-A007](https://www.fincen.gov/sites/default/files/advisory/FIN-2014-A007.pdf), “Advisory to U.S. Financial institutions on Promoting a Culture of Compliance,” Aug. 11, 2014.

2014年8月11日の [FIN-2014-A007](https://www.fincen.gov/sites/default/files/advisory/FIN-2014-A007.pdf) 「コンプライアンス文化の促進に関する米国金融機関への勧告」を参照。

The BSA and its implementing regulations require MSBs to develop, implement, and maintain an effective written anti-money laundering program (“AML program”) that is reasonably designed to prevent the MSB from being used to facilitate money laundering and the financing of terrorist activities.

BSAとその実施規則は、MSBがマネーロンダリング及びテロ資金供与に使用されることを防ぐために適切に設計された、効果的に書かれたAMLプログラム(anti-money laundering program)の開発、実施、および維持を義務付けています。

The AML program must, at a minimum:


(a) incorporate policies, procedures and internal controls reasonably designed to assure ongoing compliance (including verifying customer identification, filing reports, creating and retaining records, and responding to law enforcement requests);


(b) designate an individual responsible to assure day-to-day compliance with the program and BSA requirements;


(c) provide training for appropriate personnel, including training in the detection of suspicious transactions; and,


(d) provide for independent review to monitor and maintain an adequate program.[25]


[25] 31 U.S.C. § 5318(g)(1); 31 CFR. § 1022.320(a)(2)

The AML program must be approved by the owner of the financial institution, or by the owner’s representative (in the case of a corporation, such representative is the Board of Directors).


To assure that an AML compliance program is reasonably designed to meet the requirements of the BSA, MSBs should structure their programs to be risk-based.


MSBs should assess their individual exposure to the risk of money laundering, terrorism finance, and financial crime based on the composition of customer base, the geographies served, and the financial products and services offered.


MSBs must properly manage customer relationships and effectively mitigate risks by implementing controls commensurate with those risks.[26]


26. 31 CFR § 1022.210(b).

A well-developed risk assessment is part of sound risk management and assists MSBs in identifying and providing a comprehensive analysis of their individual risk profile.


As part of its risk assessment, an MSB should determine both the identity and the profile of its customers and MSBs must know enough about their customers to be able to determine the risk level they represent to the institution.


As an MSB, any non-exempt person engaged in money transmission must register with FinCEN within 180 days of starting to engage in money transmission.[27]


[27]. 31 CFR § 1022.380.

Money transmitters must also comply with the recordkeeping, reporting, and transaction monitoring obligations set forth in Parts 1010 and 1022 of 31 CFR Chapter X.[28]

送金者はまた、31 CFR X章のパート1010と1022に記載されている記録保持、報告、取引監視義務を遵守しなければなりません。

[28]. Examples of such requirements include the filing of Currency Transaction Reports (31 CFR § 1022.310) and Suspicious Activity Reports (31 CFR § 1022.320),  whenever applicable, general recordkeeping maintenance (31 CFR § 1010.410), and recordkeeping related to the sale of negotiable instruments (31 CFR § 1010.415).

そのような要件の例には、該当する場合の通貨取引報告書(31 CFR § 1022.310)および疑わしい活動の報告書(31 CFR § 1022.320)の提出、一般的な記録管理のメンテナンス(31 CFR § 1010.410)、そして証券の販売に関連する記録管理(31 CFR § 1010.415)が含まれます。

To the extent that any of the money transmitter’s transactions constitute a “transmittal of funds”[29] under FinCEN’s regulations, then the money transmitter must also comply with the “Funds Transfer Rule”[30] and the “Funds Travel Rule.”[31]

FinCENの規制の下でmoney transmitterの取引は“transmittal of funds”を構成する限りにおいては、money transmitterはまたFunds Transfer Rule[30]とFunds Travel Rule[31]を遵守しなければならない。

[29]. 31 CFR § 1010.100(ddd).

[30]. See 31 CFR § 1010.410(e).

[31]. See 31 CFR § 1010.410(f).

Additionally, as an MSB, the money transmitter must register with FinCEN within 180 days of starting to engage in money transmission.[32]

さらに、MSBとして、money transmitterは送金を開始してから180日以内にFinCENに登録しなければならない。[32]

[32]. 31 CFR § 1022.380. 

FinCEN regulations define a “transmittal of funds”[33] as a series of transmittal orders, and define a “transmittal order”[34] as an instruction to pay, among other things “a fixed or determinable amount of money….”[35 ]

FinCEN規制では、一連の送金命令を“transmittal of funds”(資金の送信)と定義し、とりわけ固定または決定可能な金額を支払いうための命令を“transmittal order”(送信命令)と定義しています。

[33]. 31 CFR § 1010.100(ddd).

[34]. 31 CFR § 1010.100(eee).

[35]. Ibid.


FinCEN has stated that transmittal of funds are not limited to wire transfers or electronic transfers.


Examples provided in guidance are credits and debits to correspondent accounts, and using a check as a transmittal order within a transmittal of funds, in which case the check and any accompanying instructions are the transmittal order effecting the transmittal of funds.[36]


[36]. See FIN-1997-A007, “FinCEN FAQs on Funds “Travel” Regulations,” January 1997; re-issued as FIN-2010-G004, “Funds “Travel” Regulations: Questions & Answers, Question 13,” Nov. 9, 2010.

1997年1月のFIN-1997-A007「FinCEN 資金の “Travel Regulations”についての FAQs」、再発行された2010年11月9日のFIN-2010-G004「資金の “Travel Regulations: 質問と回答、質問13」

Because a transmittal order involving CVC is an instruction to pay “a determinable amount of money,” transactions involving CVC qualify as transmittals of funds, and thus may fall within the Funds Travel Rule.[37]

CVCを伴う送信注文は“決定可能な金額”の支払いの指示であるため、CVCを伴う取引は資金の送信とみなされ、従って、“Funds Travel Rule”[37]に該当する可能性がある。

[37]. “Funds Travel Rule,” see 31 CFR § 1010.410(f).

Under the Funds Travel Rule, a transmittal of funds of $3,000 or more (or its equivalent in CVC) may trigger certain requirements on a money transmitter acting as either the financial institution for the transmittor or recipient, or as an intermediary financial institution.

“Funds Travel Rule”の下で、$3,000以上の資金の送信(またはCVCでそれに相当するもの)には、送信者または受取人のための金融機関として、あるいは仲介金融機関としての役割を果たす送金についての一定の要件が発生する可能性があります。

The money transmitter must obtain or provide the required regulatory information either before or at the time of the transmittal of value, regardless of how a money transmitter sets up their system for clearing and settling transactions, including those involving CVC.[38]

money transmitterは、CVCを含め、決済と精算の取引のためにどのようにシステムを設定しているかにかかわらず、価値の送信の前またはその時点に規制上の必要な情報を取得または提供しなければなりません。[38]

[38]. In general, a person that chooses to set up a transaction system that makes it difficult to comply with existing regulations may not invoke such difficulty as a justification for non-compliance or as a reason for preferential treatment.


In meeting this obligation, the parties to the transmittal of funds are not required to use the same system or protocol for both the actual transmission of value and the reception or transmission of the required regulatory information.


As long as the obligated person provides the required regulatory information either before or at the time of the transmittal of value, if a given transmission protocol is unable to accommodate such information, the obligated person may provide such information in a message different from the transmittal order itself.[39]


[39]. See 31 CFR § 1010.410(f).

Persons interested in determining whether a certain new activity or variation on an existing activity may subject them to FinCEN’s regulatory requirements, or that find that FinCEN published regulation or guidance does not clearly reflect their business model, have several options for obtaining preliminary, general guidance, or definitive regulatory interpretation.[40]


[40]. See infra, Section 6 – Available Resources; see also MSB Examination Materials, available at https://www.fincen.gov/msb-examination-materials

下記のセクション6の利用可能なリソースと、[https://www.fincen.gov/msb-examination-materials](https://www.fincen.gov/msb-examination-materials) から利用可能なMSB試験資料も参照してください。

3. Application of BSA Regulations to Money Transmission Involving CVC CVCを含む送金へのBSA規制の適用

The 2011 MSB Final Rule made clear that persons accepting and transmitting value that substitutes for currency, such as virtual currency, are money transmitters.

2011年のMSB最終規則は、仮想通貨のような通貨の代わりになる価値を受領し送信する者がmoney transmittersであることを、明確にしました。

Persons accepting and transmitting CVC are required (like any money transmitter) to register with FinCEN as an MSB and comply with AML program, recordkeeping, monitoring, and reporting requirements (including the filing of SARs and CTRs).

CVCを受領し送信する者は、FinCENにMSBとして登録し、AMLプログラム、記録保持、モニタリング、そして必要な報告(SARおよびCTRの提出を含む)を遵守することが(money transmitterのように)求められます。

These requirements apply equally to domestic and foreign-located CVC money transmitters doing business in whole or in substantial part within the United States, even if the foreign-located entity has no physical presence in the United States.

これらの要件は、もし外国の事業体で米国内に物理的に存在していなくても、米国内の全体または一部で事業を行っている国内と外国にあるCVC money transmittersには同じように適用されます

After the issuance of the 2011 MSB Final Rule, FinCEN received questions from industry on whether the new rule applied to transactions denominated in all types of virtual currency, including, for example, virtual currency that could only be used inside video games.


Some persons involved in transactions denominated in CVC sought to register with FinCEN as either currency exchangers or prepaid access providers or sellers, rather than as money transmitters.

CVC建ての取引に関わる者は、money transmittersよりむしろ、通貨交換業者か前払いアクセスのプロバイダまたは販売者として登録しようとしました。

FinCEN also received questions from persons purchasing CVCs to pay for goods or services, or planning to accept CVCs in payment of goods and services sold, concerned about their potential BSA obligations.


To address these and other issues, on March 18, 2013, FinCEN issued interpretive guidance on the application of FinCEN’s regulations to transactions involving the acceptance of currency or funds and the transmission of CVC (“2013 VC Guidance”).[41]

これらやその他の問題に対処するために、FinCENは2013年5月18日に、FinCENの規制の通貨や資金の受領やCVCの送信を含む取引に対する適用についての、解釈指針を発行しました(「2013 VC ガイダンス」)。

[41]. See FIN-2013-G001, “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies,” Mar. 18, 2013.

2013年5月18日 FIN-2013-G001「仮想通貨の管理・交換・使用に対するFinCENの規制の適用」参照

The 2013 VC Guidance described what CVC is for purposes of FinCEN regulations, and reminded the public that persons not exempted from MSB status that accept and transmit either real currency or anything of value that substitutes for currency, including virtual currency, are covered by the definition of money transmitter.[42]

2013 VC ガイダンスはFinCENの規制の目的としてCVCとは何かを説明し、現実の通貨や仮想通貨を含む何らかの通貨の代わりになる価値の受領または送信を行うMSBの立場を免除されていない者は、money transmitterの定義にカバーされることを注意喚起した。

[42]. See, supra, Section 1.3.


The 2013 VC Guidance also identified the participants to generic CVC arrangements, including an “exchanger,” “administrator,” and “user,” and further clarified that exchangers and administrators generally qualify as money transmitters under the BSA, while users do not.

2013 VC ガイダンス はまた、交換者、管理者、使用者を含む、一般的なCVCの扱いを特定し、そしてさらに、交換者と管理者は一般的にBSAの下でmoney transmittersの要件を満たすが、使用者はそうではないことを明確にした。

An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency, while an administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency.[43]


[43]. See 2013 VC Guidance, at 2.

A user is “a person that obtains virtual currency to purchase goods or services” on the user’s own behalf.[44]


[44]. Ibid


The 2013 VC Guidance explained that the method of obtaining virtual currency (e.g., “earning,” “harvesting,” ”mining,” “creating,” “auto-generating,” “manufacturing,” or “purchasing”) does not control whether a person qualifies as a “user,” an “administrator” or an “exchanger.”[45]

2013年 VC ガイダンスでは、仮想通貨の取得方法(たとえば、稼ぐ、ハーベスティング、マイニング、作成、自動生成、製造、または購入)は、利用者、管理者、交換者の要件を満たすかどうかに影響しないことを説明しています。[45]

[45]. See also FIN-2014-R001, “Application of FinCEN’s Regulations to Virtual Currency Mining Operations,” Jan. 30, 2014 (clarifying that a user is a person that obtains virtual currency to purchase goods or services on the user’s own behalf). 


In addition, it confirmed that exchangers are subject to the same obligations under FinCEN regulations regardless of whether the exchangers are directly brokering the transactions between two or more persons, or whether the exchangers are parties to the transactions using their own reserves, in either CVC or real currency.[46]


[46]. See FIN-2014-R012, “Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment System,” Oct. 27, 2014. See also, FIN-2014-R011, “Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Trading Platform,” Oct. 27, 2014.

2014年10月27日 FIN-2014-R012、「仮想通貨支払いシステムへのFinCENの規則の適用に関する行政通達のための要求」、 2014年10月27日 FIN-2014-R011 「仮想通貨取引プラットフォームに対するFinCENの規制の適用に関する行政通達のための要求」を参照してください。

The 2013 VC Guidance also discussed the appropriate regulatory treatment of administrators and exchangers under three common scenarios: brokers and dealers of e-currencies and e-precious metals; centralized CVCs; and decentralized CVCs.[47]

2013年 VC ガイダンスではまた、以下の3つの一般的なシナリオの下での管理者と交換者の適切な規制上の取扱について論じています。電子通貨及び電子貴金属、中央集権型CVC、そして非中央集権型CVCの仲介人または販売人について。[47]

[47]. See 2013 VC Guidance, at 4-5 (discussing centralized and decentralized payment systems).

2013年VCガイダンス 4-5参照(中央集権型および非中央集権型の支払いシステムについての議論)。

The 2013 VC Guidance also clarified that FinCEN interprets the term “another location” broadly.

2013 VC ガイダンスでは、FinCENが "another location"(※訳注: ここまで送金先の1つとして登場している) という用語を広く解釈していることも明らかにしました。

The definition of money transmitter includes a person that accepts and transmits value that substitutes for currency from one person to another person or to “another location.”

money transmitterの定義は、通貨の代わりになる価値をある人から受領し、別の人または"another location"へ送信する者を含みます。

For example, transmission to another location occurs when an exchanger selling CVC accepts real currency or its equivalent from a person and transmits the CVC equivalent of the real currency to the person’s CVC account with the exchanger.


This circumstance constitutes transmission to another location because it involves a transmission from the person’s account at one location (e.g., a user’s real currency account at a bank) to the person’s CVC account with the exchanger.[48]

この状況は、ある場所の個人の口座(例: 実際の通貨の銀行口座)から個人の交換所のCVC口座への送信を含むため、another locationを構成します。

[48]. See 2013 VC Guidance, at 4.

4. Guidance on Application of BSA Regulations to Common Business Models Involving the Transmission of CVC CVCの伝達を含む一般的なビジネスモデルへのBSA規制の適用に関するガイダンス

This guidance sets forth examples of how FinCEN’s money transmission regulations apply to several common business models involving transactions in CVC.[49]

このガイダンスは、CVCの送信を含むいくつかの一般的なビジネスモデルに対してどのようにFinCENのmoney transmission規制が適用されるかの例を示します。[49]

[49]. Although when describing a business model this guidance may use a label by which the general type of product or service may be commonly known, the interpretation provided herein applies only to the business model the guidance describes, and may not apply to any other variety or combination of factors that falls under the same generic label.


For example, when in Section 4.4, FinCEN discusses how its regulations apply to certain money transmission in CVC executed within the context of ICOs, this interpretation applies exclusively to those transactions described in the guidance and may not apply to any other transactions may also be referred to as ICOs but follow a different business model.


The description of each business model does not intend to reflect an industry standard or cover all varieties of products or services generally referred by the same label, but only highlight the key facts and circumstances of a specific product or service on which FinCEN based its regulatory interpretation.


4.1. Natural Persons Providing CVC Money Transmission (P2P Exchangers) CVC送金を提供する自然人(P2PExchangers)

FinCEN’s definition of an MSB includes both natural and legal persons engaged as a business in covered activities, “whether or not on a regular basis or as an organized business concern.”[50]


50. 31 CFR § 1010.100(ff). 

Peer-to-Peer (P2P) exchangers are (typically) natural persons engaged in the business of buying and selling CVCs.

Peer-to-Peer (P2P) exchangers はCVCの売買事業に従事している(典型的には)自然人です。

P2P exchangers generally advertise and market their services through classified advertisements, specifically designed platform websites, online forums, other social media, and word of mouth.

P2P exchangersは、一般に、新聞広告、特別に設計されたプラットフォームウェブサイト、オンラインフォーラム、その他ソーシャルメディア、および口コミを通してサービスを宣伝して売りに出します。

P2P exchangers facilitate transfers from one type of CVC to a different type of CVC, as well as exchanges between CVC and other types of value (such as monetary instruments or payment products denominated in real currency).

P2P exchangersは、ある種のCVCから異なる種類へのCVCへの転換、同様に、CVCとその他の種類の(実際の通貨建ての金融商品や支払商品のような)価値の交換を容易にします。

P2P exchangers may provide their services online or may arrange to meet prospective customers in person to purchase or sell CVC.

P2P exchangersは、オンラインでサービスを提供したり、見込み客に直接あってCVCを購入または売却します。

Generally, once there is confirmation that the buyer has delivered or deposited the requested currency or CVC, the P2P exchanger will electronically provide the buyer with the requested CVC or other value.

一般に、買い手が要求した通貨またはCVCを届けたまたは預け入れたということが一度確認されれば、P2P exchangersは電気的に購入者へ要求されたCVCやその他の価値を提供します。

A natural person operating as a P2P exchanger that engages in money transmission services involving real currency or CVCs must comply with BSA regulations as a money transmitter acting as principal.

実際の通貨やCVCを含む送金サービスに従事するP2P exchangerとして営業している自然人は、money transmitterの当事者としてBSA規制を遵守しなければなりません。

This is so regardless of the regularity or formality of such transactions or the location from which the person is operating.


However, a natural person engaging in such activity on an infrequent basis and not for profit or gain would be exempt from the scope of money transmission.51


51. 31 CFR § 1010.100(ff)(8)(iii).

As a money transmitter, P2P exchangers are required to comply with the BSA obligations that apply to money transmitters, including registering with FinCEN as an MSB and complying with AML program, recordkeeping, and reporting requirements (including filing SARs and CTRs).[52]

送金者として、P2P exchangersは、FinCENにMSBとして登録すること、AMLプログラムを遵守すること、記録保持、そして報告要件(SARとCTRの提出)を含む、money transmittersに適用されるBSAの義務を遵守することが求められます。

[52]. For the regulatory treatment of those persons investing in CVCs, see FIN-2014-R002, “Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity,” Jan. 30, 2014.

CVCに投資する人々の規制上の扱いについては、2014年1月30日 FIN-2014-R002、「仮想通貨ソフトウェア開発および特定の投資活動へのFinCENの規制の適用」を参照。

4.2. CVC Wallets CVCウォレット

CVC wallets are interfaces for storing and transferring CVCs.

CVC wallets はCVCを保管し移転するためのインターフェースです。

There are different wallet types that vary according to the technology employed, where and how the value is stored, and who controls access to the value.

採用されている技術、どこにどのように価値が保存されているか、そして誰が価値へのアクセスをコントロールするかによって変わる、様々な種類の wallet があります

Current examples of different types of CVC wallets that vary by technology employed are mobile wallets, software wallets, and hardware wallets.


Wallets may store value locally, or store a private key that will control access to value stored on an external server.


Wallets may also use multiple private keys stored in multiple locations.


Wallets where user funds are controlled by third parties are called “hosted wallets” whereas wallets where users control the funds are called “unhosted wallets.”

ユーザーの資産が第三者によってコントロールされているウォレットは"hosted wallets"と呼ばれ、その一方で、ユーザーが資金をコントロールするウォレットは"unhosted wallets" と呼ばれます。

The regulatory interpretation of the BSA obligations of persons that act as intermediaries between the owner of the value and the value itself is not technology-dependent.


The regulatory treatment of such intermediaries depends on four criteria: (a) who owns the value; (b) where the value is stored; (c) whether the owner interacts directly with the payment system where the CVC runs; and, (d) whether the person acting as intermediary has total independent control over the value.

そのような仲介者の規制上の取扱は、以下の4つの判定基準に依存します。(a) 誰が価値を所有しているか、(b) どこに価値が保管されているか、(c) 所有者がCVCが実行(運営)されている支払いシステムに直接触れるかどうか、(d)仲介者として行動する者がすべての価値に対して完全に独立したコントロールを持っているか

The regulatory treatment of each type of CVC wallet based on these factors is described in the next subsection.


4.2.1. Hosted and Unhosted Wallet Providers ホスト型(host)と非ホスト型(unhosted)ウォレットの提供者

Hosted wallet providers are account-based money transmitters that receive, store, and transmit CVCs on behalf of their accountholders, generally interacting with them through websites or mobile applications.

Hosted Wallet提供者は、口座所有者の代理で受領、保管、CVCの送信を行う、口座ベースのmoney transmitterで、一般的に彼らにはウェブサイトやモバイルアプリケーションを通して接します。

In this business model, the money transmitter is the host, the account is the wallet, and the accountholder is the wallet owner.

このビジネスモデルでは、money transmitterはホストで、口座はウォレット、口座所有者はウォレットの所有者です。

In addition, (a) the value belongs to the owner; (b) the value may be stored in a wallet or represented as an entry in the accounts of the host; (c) the owner interacts directly with the host, and not with the payment system; and (d) the host has total independent control over the value (although it is contractually obligated to access the value only on instructions from the owner).


The regulatory framework applicable to the host, including the due diligence or enhanced due diligence procedures the host must follow regarding the wallet owner, varies depending on: (a) whether the wallet owner is a non-financial institution (in this context, a user, according to the 2013 VC Guidance), agent, or foreign or domestic counterparty; and (b) the type of transactions channeled through the hosted wallet, and their U.S. dollar equivalent.

ホストが従わなければならない、ウォレットの所有者についてのデューデリジェンスまたは拡張(厳格・詳細な)デューデリジェンス(訳注: 日本の犯罪収益移転防止法におけるハイリスク取引の際の本人確認にあたるもの?)手続きを含む、ホストに適用される規制上の枠組みは以下によって変わります。(a)ウォレット所有者が非金融機関(この文脈では、2013 VC Guidanceで言うところのユーザー)、代理人、外国人、または国内の取引先かどうか、(b)hosted wallet を通して送られる取引の種類、そしてそれらのU.S. ドル相当額

When the wallet owner is a user, the host must follow the procedures for identifying, verifying and monitoring both the user’s identity and profile, consistent with the host’s AML program.


When the wallet owner is an agent of the host, the host must comply with regulations and internal policies, procedures and controls governing a principal MSB’s obligation to monitor the activities of its agent.[53]

[53]. See FIN-2016-G001, “Guidance on Existing AML Program Rule Compliance Obligations for MSB Principals with Respect to Agent Monitoring,” Mar. 11, 2016. 

2016年3月11日 FIN-2016-G001「代理人のモニタリングに関するMSB本人のための既存のAMLプログラム規則の遵守義務に関するガイダンス」、を参照。


When the wallet owner is a financial institution other than an agent, the host must comply with the regulatory requirements applicable to correspondent accounts (or their MSB equivalents).[54]


[54]. See 31 CFR § 1010.610, “Due diligence programs for correspondent accounts for foreign financial institutions.” See also “Guidance - (Interpretive Release 2004-1) Anti-Money Laundering Program - Requirements for Money Services Businesses with Respect to Foreign Agents or Foreign Counterparties,” Dec. 14, 2004.

31CFR§1010.610「外国金融機関向けのコルレス口座のデューデリジェンスプログラム」も参照のこと。また、2004年12月14日「ガイダンス - (Interpretive Release 2004-1)アンチマネーロンダリングプログラム - 外国代理人または外国の取引先に関するマネーサービス事業の要件」も参照。

Similarly, the regulatory requirements that apply to the transactions that host channels from or for the wallet owner will depend on the nature of the transaction.


For example, where the transactions fall under the definition of “transmittal of funds,” the host must comply with the Funds Travel Rule based on the host’s position in the transmission chain (either as a transmittor’s, intermediary, or recipient’s financial institution), regardless of whether the regulatory information may be included in the transmittal order itself or must be transmitted separately.[55]

例えば、“transmittal of funds(資金の送信)”の定義に入る取引の場合、規制上の情報が取引自体に含まれるか別途送信されなければならないかどうかにかわらず、ホストは取引チェーンの中でのホストの立場(送信者の、仲介の、受領者の金融機関かどうか)に基づくFunds Travel Ruleを遵守しなければなりません。

55. See 31 CFR § 1010.410(f). 

Unhosted wallets are software hosted on a person’s computer, phone, or other device that allow the person to store and conduct transactions in CVC.


Unhosted wallets do not require an additional third party to conduct transactions.


In the case of unhosted, single-signature wallets, (a) the value (by definition) is the property of the owner and is stored in a wallet, while (b) the owner interacts with the payment system directly and has total independent control over the value.


In so far as the person conducting a transaction through the unhosted wallet is doing so to purchase goods or services on the user’s own behalf, they are not a money transmitter.

非ホスト型ウォオレットを通して取引を実行する者が自身のために商品やサービスを購入するためにそうしている限りにおいて、彼らはmoney transmitterではありません。

4.2.2. Multiple-signature wallet providers マルチシグネチャウォレット提供者

Multiple-signature wallet providers are entities that facilitate the creation of wallets specifically for CVC that, for enhanced security, require more than one private key for the wallet owner(s) to effect transactions.


Typically, multiple-signature wallet providers maintain in their possession one key for additional validation, while the wallet owner maintains the other private key locally.


When a wallet owner wishes to effect a transaction from the owner’s multiple-signature wallet, the wallet owner will generally submit to the provider a request signed with the wallet owner’s private key, and once the provider verifies this request, the provider validates and executes the transaction using the second key it houses.


With respect to an un-hosted multiplesignature wallet, (a) the value belongs to the owner and is stored in the wallet; (b) the owner interacts with the wallet software and/or payment system to initiate a transaction, supplying part of the credentials required to access the value; and (c) the person participating in the transaction to provide additional validation at the request of the owner does not have total independent control over the value.


If the multiple-signature wallet provider restricts its role to creating un-hosted wallets that require adding a second authorization key to the wallet owner’s private key in order to validate and complete transactions, the provider is not a money transmitter because it does not accept and transmit value.[56]

マルチシグネチャウォレットの提供者が、その役割を、取引を検証し完了するためにウォレット所有者の秘密鍵に対して2つ目の認証鍵の追加を必要とする非ホスト型ウォレットの作成に限るのであれば、提供者は価値を受領・送信しないため、money transmitterではない。[56]

[56]. 31 CFR § 1010.100(ff)(5)(ii)(A).

On the other hand, if the person combines the services of a multiple-signature wallet provider and a hosted wallet provider, that person will then qualify as a money transmitter.

一方、その者がマルチシグネチャウォレット提供者とホスト型ウォレット提供者を組み合わせた場合、money transmitterの要件を満たす。

Likewise, if the value is represented as an entry in the accounts of the provider, the owner does not interact with the payment system directly, or the provider maintains total independent control of the value, the provider will also qualify as a money transmitter, regardless of the label the person applies to itself or its activities.

同様に、もし価値が提供者の口座に残高として表示されるのであれば、自身やその活動に適用しているラベルにかかわらず、所有者は支払いシステムと直接やり取りしておらず、提供者は完全に独立して価値をコントロールしており、提供者はまたmoney transmitterの要件を満たす。

4.3. CVC Money Transmission Services Provided Through Electronic Terminals (CVC Kiosks) 電子端末を通じて提供されるCVC送金サービス(CVCキオスク)

CVC kiosks (commonly called “CVC automated teller machines (ATMs)” or “CVC vending machines”) are electronic terminals that act as mechanical agencies of the owner-operator, to enable the owner-operator to facilitate the exchange of CVC for currency or other CVC.

CVCキオスク(一般にCVC ATMまたはCVC自動販売機と呼ばれる)は、所有者である運営者の機械的代理人として振る舞い、所有者である運営者がCVCを通貨またはCVCと交換することを可能にする電子端末です。

These kiosks may connect directly to a separate CVC exchanger, which performs the actual CVC transmission, or they may draw upon the CVC in the possession of the owner-operator of the electronic terminal.


An owner-operator of a CVC kiosk who uses an electronic terminal to accept currency from a customer and transmit the equivalent value in CVC (or vice versa) qualifies as a money transmitter both for transactions receiving and dispensing real currency or CVC.

顧客から通貨を受領し同様の価値のCVCを送信する(逆もまた然り)電子端末を利用するCVCキオスクの所有者である運営者は、通貨またはCVCの受領と払い出しの両方の取引がmoney transmitter としての要件を満たします。

FinCEN issued guidance clarifying that owners/operators of ATMs that link an accountholder with his or her account at a regulated depository institution solely to verify balances and dispense currency do not meet the definition of a money transmitter.[57]

FinCENは、残高確認と通貨の引き出しのためだけに、アカウント保有者と規制された預貯金取扱金融機関の彼または彼女のアカウントを紐付けるATMの所有者・運営者が、money transmitter の定義を満たさないことを明確にするガイダンスを発行しました。[57]

[57]. See FIN-2007-G006, “Application of the Definitions of Money Services Business to Certain OwnerOperators of Automated Teller Machines Offering Limited Services,” Dec. 3, 2007.

2007年12月3日 FIN-2007-G006、「限られたサービスを提供する現金自動預け払い機の特定の所有運営者へのマネーサービス事業(MSB)の定義の適用」を参照。

The guidance addressing BSA coverage of private ATMs does not apply to the owner-operator of a CVC kiosk because CVC kiosks do not link accountholders to their respective accounts at a regulated depository institution.


Accordingly, owners-operators of CVC kiosks that accept and transmit value must comply with FinCEN regulations governing money transmitters.

その結果、価値を受領し送信するCVCキオスクの所有運営者は、money transmitters を統制するFinCENの規制を遵守しなければなりません。

4.4. CVC Money Transmission Services Provided Through Decentralized Applications (DApps) 非中央集権型アプリケーション(DApps)を通じて提供されるCVC送金サービス

Decentralized (distributed) application (DApp) is a term that refers to software programs that operate on a P2P network of computers running a blockchain platform (a type of distributed public ledger that allows the development of secondary blockchains), designed such that they are not controlled by a single person or group of persons (that is, they do not have an identifiable administrator).


An owner/operator of a DApp may deploy it to perform a wide variety of functions, including acting as an unincorporated organization, such as a software agency to provide financial services.[58]


[58]. For an example of a DApp, see SEC’s Release No. 81207 / July 25, 2017, “Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO,” available at https://www.sec.gov/litigation/investreport/34-81207.pdf.

DAppの例については、[https://www.sec.gov/litigation/investreport/34-81207.pdf](https://www.sec.gov/litigation/investreport/34-81207.pdf) で入手可能なSECが2017年7月25日に発表した「1934年証券取引法第21条(a)に基づく調査報告書:The DAO」を参照。

Generally, a DApp user must pay a fee to the DApp (for the ultimate benefit of the owner/operator) in order to run the software.


The fee is commonly paid in CVC.


The same regulatory interpretation that applies to mechanical agencies such as CVC kiosks applies to DApps that accept and transmit value, regardless of whether they operate for profit.


Accordingly, when DApps perform money transmission, the definition of money transmitter will apply to the DApp, the owners/operators of the DApp, or both.

従って、DAppが送金を行う場合、money transmitterの定義が、DApp、DAppの所有者・運営者、またはその両方に適用されます。

4.5. Anonymity-Enhanced CVC Transactions 匿名性が強化されたCVC取引

Anonymity-enhanced CVC transactions are transactions either (a) denominated in regular types of CVC, but structured to conceal information otherwise generally available through the CVC’s native distributed public ledger; or (b) denominated in types of CVC specifically engineered to prevent their tracing through distributed public ledgers (also called privacy coins).


A money transmitter that operates in anonymity-enhanced CVCs for its own account or for the accounts of others (regardless of the frequency) is subject to the same regulatory obligations as when operating in currency, funds, or nonanonymized CVCs.

(頻度にかかわらず)自身の口座または他人の口座のために、匿名性を強化したCVCで取引を行うmoney transmitterは、通貨、資金、通常のCVCを取引する場合と同様の規制上の義務の対象になります。

In other words, a money transmitter cannot avoid its regulatory obligations because it chooses to provide money transmission services using anonymity-enhanced CVC.

言い換えれば、匿名性が強化されたCVCを使って送金サービスを提供することを選択しており、money transmitterはその規制上の義務を避けることはできません。

The regulatory framework that applies to a person participating in anonymity-enhanced CVC transactions depends on the specific role performed by the person, as set forth below in Section 4.5.1.


4.5.1. Providers of anonymizing services for CVCs CVCの匿名化サービスのプロバイダ

Providers of anonymizing services, commonly referred to as “mixers” or “tumblers,” are either persons that accept CVCs and retransmit them in a manner designed to prevent others from tracing the transmission back to its source (anonymizing services provider), or suppliers of software a transmittor would use for the same purpose (anonymizing software provider).


4.5.1(a) Anonymizing services provider 匿名化サービスプロバイダ

An anonymizing services provider is a money transmitter under FinCEN regulations.

匿名化サービスプロバイダはFinCEN規制下のmoney transmitterです。

The added feature of concealing the source of the transaction does not change that person’s status under the BSA.


FinCEN previously issued a regulatory interpretation that concluded that persons who accept and transmit value in a way ostensibly designed to protect the privacy of the transmittor are providers of secure money transmission services and are not eligible for the integral exemption.[59]


[59]. See FIN-2008-R007, “Whether a Certain Operation Protecting On-line Personal Financial Information is a Money Transmitter,” Jun. 11, 2008.

2008年6月11日 FIN-2008-R007、「オンライン個人金融情報を保護する特定の業務が送金業者であるかどうか」を参照。

For a different business model, see FIN-2014-R006, “Whether a Company that Provides Online Real-Time Deposit, Settlement, and Payment Services for Banks, Businesses and Consumers is a Money Transmitter,” Apr. 29, 2014.

別のビジネスモデルについては、2014年4月29日 FIN-2014-R006、「銀行、企業および消費者にオンラインのリアルタイムの預金、決済、および支払いサービスを提供する会社がMoney Transmitterであるかどうか」を参照。

In order to be exempt from status as a money transmitter under the integral exemption, the person’s business must be different from money transmission itself, and the money transmission activity must be necessary for the business to operate.

不可欠な除外の下でmoney transmitterとしての立場から除外されるためには、その者の事業は送金自体とは異ならなければならず、また事業の運営に送金活動が必要でなければなりません。

The subject of this previous regulatory interpretation accepted and transmitted funds in a way designed to protect a consumer’s personal and financial information from a merchant, when the consumer purchased goods or services through the Internet.


FinCEN determined that the added feature of protecting consumers’ information did not constitute an activity separate from the funds transmission itself, because the need to protect the consumers’ personal and financial information only arose in connection with the transmission of funds.


FinCEN concluded that the company was engaged in the business of offering secure money transmission, rather than security for which money transmission is integrally required.


Accordingly, the company qualified as a money transmitter subject to BSA obligations.

従って、money transmitterの要件を満たす企業はBSA義務の対象となります。

The same analysis applies to anonymizing services providers: their business consists exclusively of providing secured money transmission.


Therefore, a person (acting by itself, through employees or agents, or by using mechanical or software agencies) who provides anonymizing services by accepting value from a customer and transmitting the same or another type of value to the recipient, in a way designed to mask the identity of the transmittor, is a money transmitter under FinCEN regulations.

従って、送信者の身元を隠すよう設計された方法で、(自身で、従業員や代理店を通じて、または機械やソフトウェアの代理を使用して)顧客より価値を受領し、同一または別の種類の価値を受領者に送信する匿名化サービスを提供する者は、FinCEN規制の下でmoney transmitterです。

4.5.1(b) Anonymizing software provider 匿名化ソフトウェア提供者

An anonymizing software provider is not a money transmitter.

匿名化ソフトウェアの提供者はmoney transmitterではありません。

FinCEN regulations exempt from the definition of money transmitter those persons providing “the delivery, communication, or network access services used by a money transmitter to support money transmission services.”[60]

FinCEN規制は、「送金サービスのためにmoney transmitterが使用する配信、通信、またはネットワークアクセスサービス」を提供する者をmoney transmitterの定義から除外しています。[60]

[60]. 31 CFR § 1010.100(ff)(5)(ii). 

This is because suppliers of tools (communications, hardware, or software) that may be utilized in money transmission, like anonymizing software, are engaged in trade and not money transmission.

これは、匿名化ソフトウェアのような、money transmissionにおいて利用される可能性のあるツール(通信、ハードウェアまたはソフトウェア)の供給者は、商売に従事しており、money transmissionには従事していないからです。

By contrast, a person that utilizes the software to anonymize the person’s own transactions will be either a user or a money transmitter, depending on the purpose of each transaction.


For example, a user would employ the software when paying for goods or services on its own behalf, while a money transmitter would use it to engage as a business in the acceptance and transmission of value as a transmittor’s or intermediary’s financial institution.

たとえば、ユーザーが自分自身のために商品やサービスの支払いにソフトウェアを使用するのに対して、money transmitterは送信者または仲介者の金融機関としての価値の送受にビジネスとして従事するために使用します。

Lastly, FinCEN issued guidance stating that originating or intermediary financial institutions that replace the proper identity of a transmittor or recipient in the transmittal order with a pseudonym or reference that may not be decoded by the receiving financial institution (i.e., substituting the full name of the transmittor with a numeric code) are not complying with their obligations under the Funds Travel Rule.[61]

最後に、FinCENはガイダンスを発行し、送信依頼の送信者や受信者の正しい身元を偽名や受け取り手の金融機関が解読できない参照に置き換える(すなわち、送信者のフルネームを数字のコードに置き換える)送信元または仲介の金融機関は、Funds Travel Ruleに基づく義務を遵守してないと述べています。[61]

[61]. See FIN-2010-G004, “Funds “Travel” Regulations: Questions & Answers,” at Question 16, Nov. 09, 2010. 

2010年11月9日 FIN-2010-G004「Funds “Travel” Regulations:質問と回答」の質問16を参照。

4.5.2. Providers of anonymity-enhanced CVCs 匿名性が強化されたCVCのプロバイダー

A person that creates or sells anonymity-enhanced CVCs designed to prevent their tracing through publicly visible ledgers would be a money transmitter under FinCEN regulations depending on the type of payment system and the person’s activity.[62] For example:

公開された台帳で追跡を防止するように設計された匿名性を強化されたCVCを作成または販売する者は、支払いシステムの種類と活動に応じてFinCEN規制に基づくmoney transmitterです。例えば

[62]. See, supra, Section 1.1


(a) a person operating as the administrator of a centralized CVC payment system will become a money transmitter the moment that person issues anonymity-enhanced CVC against the receipt of another type of value;[63]

(a) 中央集権型のCVC支払いシステムの管理者として運営している者は、他の価値の受け取りに対して匿名性の強化されたCVCを発行した時に、money transmitterになります。[63]

[63]. A payment system may change from centralized to decentralized (see Section 5.2). This operational change does not alter the obligations of the person acting as administrator of the system, while the system worked on a centralized basis.


(b) a person that uses anonymity-enhanced CVCs to pay for goods or services on his or her own behalf would not be a money transmitter under the BSA.

自分自身の商品やサービスの支払いのために匿名性が強化されたCVCを使用する者はBSAの下でmoney transmitterにはあたりません。

However, if the person uses the CVC to accept and transmit value from one person to another person or location, the person will fall under the definition of money transmitter, if not otherwise exempted.

しかし、もしCVCをある人から別の人や場所に価値の送受をするために使えば、その者は他に免除されない限り、money transmitterの定義に該当します。

(c) a person that develops a decentralized CVC payment system will become a money transmitter if that person also engages as a business in the acceptance and transmission of value denominated in the CVC it developed (even if the CVC value was mined at an earlier date).

非中央集権型CVC支払いシステムを開発する者は、もしもその者が開発しているCVC建ての価値を送受する事業にも従事していれば(CVCの価値が初期にマイニングされたものだったとしても)、money transmitterになります。

The person would not be a money transmitter if that person uses the CVC it mined to pay for goods and services on his or her own behalf.[64]

その者がマイニングしたCVCを自身のための商品やサービスの支払いに使用する場合は、money transmitterではありません[64]

[64]. See 2013 VC Guidance, at 4-5 (discussing centralized and decentralized payment systems).

2013 VC Guindance の 4-5 (中央集権と非中央集権の支払いシステムの議論)を参照。

4.5.3. Money Transmitters that accept or transmit anonymity-enhanced CVCs 匿名性が強化されたCVCの受領または送信を行うMoney Transmitter

Many money transmitters involved in CVC transactions comply with their BSA obligations, in part, by incorporating procedures into their AML Programs that allow them to track and monitor the transaction history of a CVC through publicly visible ledgers.

多くのCVC取引に関わるmoney transmitter は、彼らが公開されたCVC台帳を通して取引履歴の追跡とモニタリングを可能にする手順をAMLプログラムに組み入れることで、部分的に彼らのBSA義務を遵守しています。

As mentioned above, FinCEN has issued guidance stating that transmittor’s or intermediary’s financial institutions that replace the proper identity of a transmittor or recipient in the transmittal order with a pseudonym or reference that may not be decoded by the receiving financial institution (i.e., substituting the full name of the transmittor with a numeric code) are not complying with their obligations under the Funds Travel Rule.[65]

上記のように、FinCENは、送信注文の送信者や受信者についての正しい識別情報を受け取り金融機関が解読できない偽名や参照に書き換える(例えば送信者のフルネームを番号に置き換える)送信者または仲介者の金融機関は、Funds Travel Ruleに基づく義務を遵守していないというガイダンスを発行しました。

[65]. See, supra, at 19 n. 59. 

A money transmitter must follow its AML risk assessment policies and procedures to determine under which circumstances the money transmitter will accept or transmit value already denominated in anonymity-enhanced CVCs.

money transmitterは、どの状況でmoney transmitterがすでに匿名性が強化されたCVCで表示された価値を受け入れや送信するかを決定する、AMLリスクアセスメントポリシーと手順に従う必要があります。

When knowingly accepting anonymity-enhanced CVCs (or regular CVC that has been anonymized), money transmitters engaged in CVC transactions subject to the Funds Travel Rule must not only track a CVC through the different transactions, but must also implement procedures to obtain the identity of the transmittor or recipient of the value.

匿名性が強化されたCVC(または匿名化された通常のCVC)を知りながら受け入れた場合、CVC取引に従事するmoney transmittersは異なる取引のCVCを追跡するだけでなく、価値の送信者と受信者の識別情報を得る手順も実施しなければならないFunds Travel Ruleの対象になる

4.6. Payment Processing Services Involving CVC Money Transmission CVC送金を伴う支払い処理サービス

CVC payment processors are financial intermediaries that enable traditional merchants to accept CVC from customers in exchange for goods and services sold.


CVC payment processors sometimes integrate with a merchant’s point of sale or online shopping cart solution so that the value of goods being purchased is quoted in CVC.


The CVC payment processor may collect the CVC from the customer and then transmit currency or funds to the merchant, or vice versa.


CVC payment processors fall within the definition of a money transmitter and are not eligible for the payment processor exemption because they do not satisfy all the required conditions for the exemption.

CVC支払い処理者は、money transmitterの定義に該当し、また、免除に必要なすべての条件を満たしていないため、支払い処理者の免除対象ではありません。

Under the payment processor exemption, a person is exempt from the definition of “money transmitter” when that person only “[a]cts as a payment processor to facilitate the purchase of, or payment of a bill for, a good or service through a clearance and settlement system by agreement with the creditor or seller.”[66]

支払い処理者の免除に基づき、「債権者または販売者の同意による決済や精算のためのシステムを通して、商品またはサービス購入または請求の支払いを容易にするために支払い処理者として行動する」だけの者は、money transmitterの定義から除外される。

To be eligible for the payment processor exemption, a person must:


[66]. 31 CFR § 1010.100(ff)(5)(ii)(B). For a discussion on the conditions applicable to the payment processor exemption from money transmission, see, e.g., FIN-2013-R002, “Administrative Ruling on Whether a Company that Offers a Payment Mechanism Based on Payable-Through Drafts to its Commercial Customers is a Money Transmitter,” Nov. 13, 2013.

31 CFR § 1010.100(ff)(5)(ii)(B)。 送金からの支払い処理者の免除が適用される条件に関する議論については、例えば、2014年8月27日 FIN-2013-R002、「商業顧客へのPayable-Through Drafts(※訳注: 銀行等を介して支払いを発行する方法)に基づく支払いメカニズムを提供する会社がmoney transmitterかどうかについての行政通達」を参照のこと。 

See also, FIN-2014-R009, “Application of Money Services Business Regulations to a Company Acting as an Independent Sales Organization and Payment Processor,” Aug. 27, 2014.

また、2014年8月27日 FIN-2014-R009、「独立した販売組織および支払い処理者として行動する会社へのマネーサービス事業規制の適用」を参照。

(a) facilitate the purchase of goods or services, or the payment of bills for goods or services (not just the money transmission itself);

(a )商品やサービスの購入、または商品やサービスの請求書の支払いを容易にする(送金だけではなく)

(b) operate through clearance and settlement systems that admit only BSA-regulated financial institutions;

(b) BSA規制を受けた金融機関のみを認める決済や精算のシステムを通じて運営する

(c) provide its service pursuant to a formal agreement; and


(d) enter a formal agreement with, at a minimum, the seller or creditor that provided the goods or services and also receives the funds.[67]


[67]. See FIN-2014-R012, “Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment System,” Oct. 27, 2014.

2014年10月27日 FIN-2014-R012「仮想通貨支払いシステムへのFinCENの規則の適用に関する行政通達の要求」を参照してください。

A person providing payment processing services through CVC money transmission generally is unable to satisfy the second condition because such money transmitters do not operate, either in whole or in part, through clearing and settlement systems that only admit BSA-regulated financial institutions as members.

CVC送金を通して支払い処理サービスを提供する者は、一般的に2番めの条件を満たすことができません。なぜならこのようなmoney transmittersは、全体または部分的に、メンバーとしてBSA規制を受けた金融機関のみを認める決済や精算システムを通して運営しないためです。

This condition is critical, because BSA-regulated financial institutions have greater visibility into the complete pattern of activities of the buyer or debtor, on the one hand, and the seller or creditor, on the other hand.


Having BSA-regulated financial institutions at either end of the clearance and settlement of transactions reduces the need to impose additional obligations on the payment processor.[68]


[68]. Id. The CVC payment processor in that ruling received real currency payments from the buyer through a clearing and settlement system that only admits BSA-regulated financial institutions as members (specifically, a credit card network), but made payment of the Bitcoin equivalent to the merchant, to a merchant-owned virtual currency wallet or to a larger virtual currency exchange that admits both financial institution and non-financial institution members, for the account of the merchant.


This same visibility simply does not exist when a CVC payment processor operates through a clearance and settlement system involving non-BSA regulated entities unless the CVC payment processor complies with the reporting obligations of a money transmitter.

CVC支払い処理者が、BSA規制を受けていない存在を含む決済や精算のシステムを通して運営する場合、CVC支払い処理者がmoney transmitterの報告義務を遵守しなければ、同様の可視性はそのままでは存在しません。

Accordingly, in general, persons providing payment processing services in CVC will be money transmitters under the BSA, regardless of whether they accept and transmit the same type of CVC, or they accept one type of value (such as currency or funds) and transmit another (such as CVC).[69]

従って、一般に、CVCで支払い処理サービスを提供する者は、同一の種類のCVCを送受するかや、ある種類の価値(通貨や資金)を受領し別のものを送信(CVCなど)するかどうかに関わらず、BSA下でmoney transmittersです。

[69]. A CVC payment processor will be eligible for the payment processor exemption only when it meets all criteria as described above. See also, supra, at 21 n. 64.

CVC支払い処理者は、上述のすべての条件を満たす場合にのみ、支払い処理者の免除対象となります。上記 21 n. 64参照。

4.7. CVC Money Transmission Performed by Internet Casinos インターネットカジノによって行われるCVC送金

Internet casinos are virtual platforms created for betting on the possible outcome of events related to a number of gaming models (e.g., traditional casinos), but accepting deposits and bets and issuing payouts denominated in CVC.

インターネットカジノは、いくつかのゲームモデル(例: 伝統的カジノ)に関して起こりうる結果に賭けるために作られた、仮想プラットフォームですが デポジットと賭けを受け入れ、CVC建ての払い出しを行います。

Internet casinos may also include entities known as predictive markets, information markets, decision markets, idea futures, and event derivatives.


Internet casinos are virtual platforms created for betting on the possible outcome of events related to a number of gaming models (e.g., traditional casinos), but accepting deposits and bets and issuing payouts denominated in CVC.

インターネットカジノは、いくつかのゲームモデル(例: 伝統的カジノ)に関して起こりうる結果に賭けるために作られた、仮想プラットフォームですが デポジットと賭けを受け入れ、CVC建ての払い出しを行います。

Internet casinos may also include entities known as predictive markets, information markets, decision markets, idea futures, and event derivatives.


FinCEN regulations define a casino, gambling casino or card club, as a person duly licensed or authorized to do business as such in the United States, whether under the laws of a State or a Territory or Insular Possession of the United States, or under the Indian Gaming Regulatory Act or other Federal, State, or tribal law or arrangement affecting tribal land, having gross annual gaming revenue in excess of $1 million, whether denominated in CVC or other value.[70]

FinCEN規制は、カジノ(ギャンブルまたはカードクラブ)は米国内で年間総ゲーム収益が100万ドルを超えるそのような事業をすることを正式に認可または許可された者と定義しており、米国の州、準州(海外領土)または島嶼領の法律の下で、あるいはIndian Gaming Regulatory Actやその他の連邦、州、または部族の法や部族の土地に影響する協定の下でかどうかや、CVCあるいはその他の価値で表示されているかどうかに関わらない。[70]

[70]. 31 CFR § 1010.100(t)(5) and (6).

Any person engaged in the business of gambling that is not covered by the regulatory definition of casino, gambling casino, or card club, but accepts and transmits value denominated in CVC, may still be regulated under the BSA as a money transmitter.

カジノ、ギャンブル・カジノ、またはカードクラブの規制上の定義に含まれないギャンブル事業に従事する者で、CVCで表示される価値の送受をする者は、依然としてBSAの下でmoney transmitterとして規制される可能性があります。

Indeed, even when the original transmission or the payout are done on a conditional basis (that is, only if a certain event occurs), money transmission under BSA regulations still occurs at the moment the condition is satisfied and the acceptance or transmission takes place.[71]


[71]. Casinos, as defined above, have their own set of BSA/AML obligations (see 31 CFR Part 1010 –General Provisions – and Part 1021 –Rules for Casinos and Card Clubs).

上記で定義されたように、カジノは独自のBSA/AML義務があります(31 CFR Part 1010 –General Provisions – と Part 1021 –Rules for Casinos and Card Clubs 参照).

While not specifically exempted from MSB status, when a person falls under FinCEN’s definitions for both casino and MSB, in general the regulatory obligations of a casino satisfy the obligations of an MSB, with the exception of registration.


5. Specific Business Models Involving CVC Transactions that May be Exempt From the Definition of Money Transmission 送金の定義から除外される可能性のあるCVC取引を含む特定のビジネスモデル

5.1. CVC Trading Platforms and Decentralized Exchanges CVC取引プラットフォームと分散型取引所

CVC P2P trading platforms are websites that enable buyers and sellers of CVC to find each other.

CVC P2P取引プラットフォームは、CVCの売り手と買い手がお互いを見つけることを可能にするウェブサイトです

Sometimes, trading platforms also facilitate trades as an intermediary.


Under FinCEN regulations, a person is exempt from money transmitter status if the person only provides the delivery, communication, or network access services used by a money transmitter to support money transmission services.[72]

FinCEN規制下では、送金サービスを提供するmoney transmitterに使用される配信、通信、またはネットワークアクセスサービスを提供するだけの者はmoney transmitterの立場を除外されます。

[72]. 31 CFR § 1010.100(ff)(5)(ii)(A).

Consistent with this exemption, if a CVC trading platform only provides a forum where buyers and sellers of CVC post their bids and offers (with or without automatic matching of counterparties), and the parties themselves settle any matched transactions through an outside venue (either through individual wallets or other wallets not hosted by the trading platform), the trading platform does not qualify as a money transmitter under FinCEN regulations.[73]

この除外と同様に、CVC取引プラットフォームが売り手と買い手が売値と買値を投稿する場を提供するだけで(自動的に相手とマッチングしようがしなかろうが)、当事者自身はマッチした取引を外部の場(個々人のウォレットまたはその他取引プラットフォームにホストされていないウォレット)で精算するのであれば、取引プラットフォームはFinCEN規制下でmoney transmitterの要件を満たしません。

[73]. The obligations of the hosted wallet provider that utilizes the forum as a money transmitter under the BSA remain as described, supra, Section 3.2.

money transmitterとして場(フォーラム)を利用するhosted wallet 提供者のBSA規制下での義務は上記セクション3.2に記載されている通りです。

By contrast, if, when transactions are matched, a trading platform purchases the CVC from the seller and sells it to the buyer, then the trading platform is acting as a CVC exchanger, and thus falls within the definition of money transmitter and its accompanying BSA obligations.[74]

対照的に、もし、取引がマッチした時、取引プラットフォームが売り手からCVCを購入し、それを買い手に販売する場合、取引プラットフォームはCVC交換者として行動しており、従ってmoney transmitterの定義に該当し、BSA義務を伴います。[74]

[74]. See FIN-2014-R011, “Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Trading Platform,” Oct. 27, 2014.

2014年10月27日 [FIN-2014-R011](https://www.fincen.gov/sites/default/files/administrative_ruling/FIN-2014-R011.pdf)、「仮想通貨取引プラットフォームへのFinCENの規則の適用に関する行政通達の要求」を参照。

5.2. CVC Money Transmission Performed in the Context of Raising Funding for Development or Other Projects—Initial Coin Offerings 開発やその他プロジェクトの資金調達の文脈で行われるCVC送金—ICO

Initial coin offerings (ICOs) are generally a means to raise funds for new projects from early backers.


Whether an ICO is subject to BSA obligations is a matter of facts and circumstances.


This guidance will address, as an example, the BSA obligations of two common business models involving ICOs: (a) ICOs conducting a preferential sale of CVC to a select group of buyers (sometimes referred to as investors); and (b) ICOs raising funds by offering digital debt or equity instruments among a group of lenders or investors to finance a future project (which in turn may consist of the creation of a new CVC).

例として、このガイダンスはICOを含む2つの一般的なビジネスモデルについて取り上げます。(a) 特定の購入者のグループ(ときには投資家と呼ばれる)に対してCVCの優先的な販売が行われるICO、(b)電子的な債権や持分金融商品を貸し手または投資家のグループの間で、将来のプロジェクトのために資金を供給するために資金を調達するICO(新しいCVCの生成からなる順で)

This discussion does not attempt to address every possible ICO business model.[75]


[75]. Nor does it affect the obligations of any of the participants described herein under other regulatory frameworks.


For example, federal securities law may apply to the issuance of CVC as securities regardless of other intended purposes of the CVC.


See, e.g, “Framework for ‘Investment Contract’ Analysis of Digital Assets,” Securities and Exchange Commission, April 3, 2019, available at https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets.

例えば、“デジタル資産の「投資契約」分析のためのフレームワーク” 証券取引委員会、 2019年4月3日, [https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets](https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets) より利用可能。

“Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO,” Securities and Exchange Commission, July 25, 2017, available at https://www.sec.gov/litigation/investreport/34-81207.pdf.

「証券取引法第21条(a)に基づく調査報告書: The DAO」 証券取引委員会、2017年7月25日、[https://www.sec.gov/litigation/investreport/34-81207.pdf](https://www.sec.gov/litigation/investreport/34-81207.pdf) より利用可能。

In the first business model, the ICO consists of a group sale of CVC to a distinct set of preferred buyers.


The exchange of CVC for another type of value may be instantaneous or deferred to a later date.


The CVC and its application or platform may be already operational or it may be the seller’s purpose to use the value received from the sale, in whole or in part, to develop such CVC, application, or platform.


In some cases, after the initial centralized offering, any future creation of the CVC may occur through mining using a decentralized model.


In any of these scenarios, the seller of the CVC is a money transmitter, acting in the role of administrator, because at the time of the initial offering the seller is the only person authorized to issue and redeem (permanently retire from circulation) the new units of CVC.[76]

これらのシナリオのいずれにおいても、販売者はICOの時点で新しい単位のCVCの発行および償還(流通からの永久的な破棄)する権限を持った唯一の者なので、CVCの売り手は管理者の役割を行動しているmoney transmitterです。[76]

[76]. Whether by contractual agreement or business strategy an administrator declines to exercise such authorities is not relevant to the person’s status as a money transmitter.

契約上の合意でもビジネス上の戦略でも、管理者がそのような権限を行使することを拒否するかどうかは、money transmitterとしての立場には関係(影響)ありません。

The status of the seller as a money transmitter is not impacted by the coordinated or simultaneous sales; the timing of acceptance of one type of value and transmission of the other type (i.e., whether the exchange happens instantaneously or at a later date); or by the fact that the payment system may migrate from one operational status to another at any point in its lifetime (for example, changing from a centralized, administrator-controlled system at origin to a decentralized, protocol-driven system after the initial sale).

money transmitterとしての送金者の立場は、ある種類の価値の受領と他の種類の送信タイミング(例えば、交換がリアルタイムに起きるか後日起きるか)、または支払いシステムがそのライフタイムにおいてある実行上の状態から別の状態へ移行するという事実(例えば、イニシャルセール後に、中央集権型で、元々管理者が制御しているシステムから、非中央集権型で、プロトコル駆動型のシステムに変更する)による、調整販売が同時販売には、影響されません。

In the second business model, the ICO raises funds for new projects by selling an equity stake or a debt instrument to early backers, or hedges a previous investment in CVC through a derivative, such as a futures contract.


The funded project generally involves the creation of DApps,[77] new CVCs (as well as the applications or platforms on which the CVCs will run), or new hedging instruments.


[77]. As discussed, supra, Section 4.4, DApps refer to software programs that run on distributed computing platforms—that is, platforms built across dispersed networks of computers designed to accomplish a shared objective.


ICOs are accomplished using distributed ledger platforms, in which investors receive a digital token as proof of investment.


Depending on the purpose of the funded project and the seller’s obligations to the investor, when the project is concluded the investor may: (a) receive new CVC in exchange for the token; (b) exchange the token for a DApp coin, which is a digital token that unlocks the use of DApps that provide various services; (c) use the original token itself as a new CVC or DApp coin; or (d) receive some other type of return on the original equity investment or debt instrument.[78]

資金を供給されたプロジェクトの目的、および、販売者の投資家に対する義務によって、投資家はプロジェクトが完了した際に以下のことが可能です。(a) トークンと引き換えに新しいCVCを受け取る、(b) DAppコインと引き換えに様々なサービスを提供するDAppの利用を解除するデジタルトークンを交換する、(c) 元のトークン自体を新しいCVCやDAppコインとして使用する、(d) 元の持ち分投資または債権に対して、他の種類のリターンを受け取る

[78]. A transaction where a person accepts currency, funds, or value that substitutes for currency in exchange for a new CVC at a preferential rate for a group of initial purchasers, before making the CVC available to the rest of the public, is simply engaging in money transmission, regardless of any specific label (such as “early investors”) applied to the initial purchasers.


How BSA regulations apply to each of these scenarios will vary, as set forth below in Sections 5.2.1. to 5.2.3.


5.2.1. Status of Fundraising or Hedging Activity — Overview 資金調達またはヘッジ活動の位置づけ — 概要

Involvement of banks or persons registered with, and functionally regulated or examined by the SEC or CFTC


The applicable AML regulations governing persons involved in an ICO through selling an equity stake or a debt instrument to early backers or through hedging a previous investment will depend on whether such persons are MSBs or exempt from MSB status under FinCEN regulations or rulings.


Persons may be exempt from MSB status in two situations.


First, FinCEN regulations expressly exempt from the definition of an MSB, among other things, (a) a bank or foreign bank; or (b) a person registered with, and functionally regulated or examined by, the SEC or CFTC, or a foreign financial agency that engages in financial activities that, if conducted in the United States, would require the foreign financial agency to be registered with the SEC or CFTC.[79]


[79]. 31 CFR § 1010.100(ff)(8). See also, supra, Section 1.2.2.

31 CFR § 1010.100(ff)(8)、上記セクション1.2.2参照

Therefore, a person involved in ICO fundraising activity as issuer, intermediary, or investor that is a bank, foreign bank, or a person registered with, and functionally regulated or examined by the SEC or CFTC will not be an MSB under FinCEN regulations.


The person’s AML obligations will flow from FinCEN regulations governing those types of financial institutions.[80]


[80]. See, supra, at 5 n. 13. 


Second, FinCEN regulations exempt persons from the definition of money transmitter under certain identified facts and circumstances, the most relevant of which is when the acceptance and transmission of value is only integral to the sale of goods or services different from money transmission.[81]

第二に、FinCEN規制は特定の識別された事実や状況の下でmoney transmitterの定義から除外します。最も関連するものは、送金と違って、価値の受領と送信が商品やサービスの販売に不可欠である時です。

[81]. See, supra, at 2 n. 4; 31 CFR § 1010.100(ff)(5)(F); FIN-2008-G008 “Application of the Definition of Money Transmitter to Brokers and Dealers in Currency and other Commodities,” Sept. 10, 2008. 

上記注釈[4]、31 CFR § 1010.100(ff)(5)(F)、2008年9月10日 FIN-2008-G008 「通貨とその他コモディティのブローカーとディーラーへのMoney Transmitterの定義の適用」参照。

Thus, if the person involved in the fundraising activity as an issuer, intermediary, or investor is not a bank, foreign bank, or a person registered with, and functionally regulated or examined by the SEC or CFTC, then any money transmission connected to the fundraising activity performed by the person generally will fall under the integral exemption,[82] unless the asset is issued to serve as value that substitutes for currency.[83]


[82]. For additional discussion of the scope of the integral exemption, see FIN-2008-R004 “Whether a Foreign Exchange Consultant is a Currency Dealer or Exchanger or Money Transmitter,” May 9, 2008, FIN-2008-R003 “Whether a Person that is Engaged in the Business of Foreign Exchange Risk Management is a Currency Dealer or Exchanger or Money Transmitter,” May 9, 2008.

不可欠な除外の範囲の追加の議論については、2008年5月9日 FIN-2008-R004 「外国為替コンサルタントは通貨ディーラー、取引者、Money Transmitterのいずれであるか」、2008年5月9日 FIN-2008-R003 「外国為替リスク管理業務に従事している者は通貨ディーラー、取引者、Money Transmitterのいずれであるか」を参照。

[83]. See, supra, Section 1.2.3.


Purchase and re-sale of digital tokens


The investor may hold the digital token or derivative until the underlying project is complete, or the investor may sell the digital token or derivative during the project’s development.


A re-sale can occur through a P2P transaction, or through a financial intermediary or secondary market.


In general, the re-sale of the token or derivative does not create any BSA obligations for the initial investor.


However, if a regulatory framework other than the BSA requires a person that either (a) purchases the token or derivative, or (b) intermediates in transactions in a primary or secondary market, to register as a broker or dealer in securities, futures commission merchant, or introducing broker in commodities, then the person will have the BSA obligations related to its status under these other regulatory frameworks.[84]

ただし、BSA以外の規制上の枠組みで、(a) トークンまたはデリバティブを購入する、または (b) プライマリまたはセカンダリマーケットの取引を仲介する者は、証券のブローカーまたはディーラー、先物委員会の販売者、またはコモディティのブローカーの紹介として登録することが必要になり、これらの他の規制の枠組みの下でその立場に関連するBSAの義務を負います。

5.2.2. Status of a DApp Developer DApp開発者の位置づけ

The development of a DApp financed through ICO fundraising activity consists of the production of goods or services, and therefore is outside the definition of money transmission.

ICOの資金調達活動を通じて資金を調達したDAppの開発は、商品やサービスの生産から成り立っているため、money transmissionの定義外です。

Thus, the developer of a DApp is not a money transmitter for the mere act of creating the application, even if the purpose of the DApp is to issue a CVC or otherwise facilitate financial activities denominated in CVC.[85]

従って、DAppの目的がCVCもしくはCVCで表される金融活動を容易にするものであったとしても、単なるアプリケーションの開発のためにはDAppの開発者はmoney transmitterではありません[85]

[85]. See FIN-2014-R007, “Application of Money Services Business Regulations to the Rental of Computer Systems for Mining Virtual Currency,” Apr. 29, 2014.

2014年4月29日 FIN-2014-R007「仮想通貨を採掘するためのコンピュータシステムのレンタルに対するマネーサービス業務(MSB)規制の適用」を参照。

However, if the developer of the DApp uses or deploys it to engage in money transmission, then the developer will qualify as a money transmitter under the BSA.

ただし、DAppの開発者がそれを送金に従事するために使用またはデプロイする場合、BSAの下のmoney transmitterの要件を満たします。

5.2.3. Status of a DApp User conducting financial activities DAppで金融活動を行う利用者の位置づけ

Once the DApp is finalized and in production, FinCEN regulations may apply to persons who use the DApp to conduct certain financial activities.


For example, if an investor or an owner/operator uses or deploys the DApp to engage in money transmission denominated in CVC, then the investor or the owner/operator generally qualifies as a money transmitter under the BSA.

例えば、CVC建ての送金に従事するために投資家または所有/運営者がDAppを使用またはデプロイする場合、投資家または所有/運営者は一般的にBSA下のmoney transmitterの要件を満たします。

Likewise, as mentioned above, if the developer of the DApp uses or deploys the DApp to engage in money transmission, then the developer will also qualify as a money transmitter.

同様に、上述したように、もしDAppの開発者が送金に従事するためにDAppを使用またはデプロイすれば、開発者もまたmoney transmitterの要件を満たします。

5.3. Status of Creators of CVC and Distributed Applications Conducting CVC Transactions CVCとCVC取引を行う分散型アプリケーションの作成者の位置づけ

The creators of a CVC sometimes issue (or “pre-mine”) a certain number of CVC units in advance and then either distribute those units as payment for goods or services or repayment of obligations (such as amounts owed to project investors), or sell the units against currency, funds or another type of CVC once a market is established.


To the extent that a person mines CVC and uses it solely to purchase goods or services on its own behalf, the person is not an MSB under FinCEN regulations, because these activities involve neither acceptance nor transmission of the CVC within the regulatory definition of money transmission services.


However, if a person mines CVC and uses it to engage in money transmission, such person will be subject to FinCEN’s registration, reporting, monitoring, and recordkeeping regulations for MSBs, as is the case with all money transmitters. [86]

しかしながら、もしCVCをマイニングし送金に従事するために使用した場合、そうした者はFinCEN規制の対象となり、すべてのmoney transmittersと同様に、報告、モニタリング、MSBのための記録保持規制の対象となります。[86]

[86]. See FIN-2014-R001, “Application of FinCEN’s Regulations to Virtual Currency Mining Operations,” Jan. 30, 2014. 

2014年1月30日 FIN-2014-R001、「仮想通貨マイニング事業へのFinCENの規制の適用」を参照。

5.4. CVC Money Transmission Performed by Mining Pools and Cloud Miners マイニングプールとクラウドマイナーによって行われるCVC送金

In certain cases, persons (pool members) combine their computer processing resources to form a mining pool to enhance their chances of receiving a reward by being the first ones to verify the authenticity of a block of transactions denominated in CVC.


A block reward would entitle them to receive consistent payouts, which are fees paid by the parties to a transaction for the service of authenticating its individual CVC transmission.


Mining pools may be managed by a controlling person (centralized mining pools) or they may operate on a P2P basis (decentralized mining pools).


In some centralized models, the person acting as the leader of the pool claims the total amount of CVC mined or received as fees from participants to the authenticated transactions.


The leader then distributes this amount to the pool members in subsequent transfers, presumably in proportion to the computer processing provided, minus its own fee for managing the pool.


In other centralized models, such as cloud mining, persons (contract purchasers) may purchase “mining contracts” from a seller of computer processing (the cloud miner) that grants these purchasers permission to use the cloud miner’s computers to mine CVCs on the purchaser’s behalf.


When the leader of the pool, the cloud miner, or the unincorporated organization or software agency acting on behalf of its owner/administrator transfer CVC to the pool members or contract purchasers to distribute the amount earned, this distribution does not qualify as money transmission under the BSA, as these transfers are integral to the provision of services (the authentication of blocks of transactions through the combined efforts of a group of providers, or through the equipment of the cloud miner).


However, if the leader, the cloud miner, or the software agency combine their managing and renting services with the service of hosting CVC wallets on behalf of the pool members or contract purchasers, the leader, cloud miner, unincorporated organization or software agency, or the owneradministrator will fall under FinCEN’s definition of money transmitter for engaging in account-based money transmission.

しかし、もしリーダー、クラウドマイナー、またはソフトウェアエージェンシーが彼らの管理とレンタルのサービスを、プールのメンバーまたは契約購入者のためのホスト型のCVCウォレットと組み合わせる場合、リーダー、クラウドマイナー、非法人組織またはソフトウェアエージェンシー、または所有者は、FinCENが定義するアカウントベースの送金に従事するmoney transmitterです。

6. Available Resources

FinCEN expects that persons introducing innovative products or services to a highly regulated activity, such as money transmission, will ensure that the innovation complies with the regulatory framework applicable to such activity before the innovation is taken to market.


Persons interested in determining whether a certain new activity or variation on an existing activity may subject them to FinCEN’s regulatory requirements have several options for obtaining preliminary, general guidance or definitive regulatory interpretation.


Financial institutions with questions about this guidance, other guidance, administrative rulings or other matters related to compliance with the BSA and its implementing regulations may contact FinCEN’s Resource Center Helpline at (800) 949-2732 or FRC@fincen.gov .

このガイダンス、他のガイダンス、行政通達、またはBSAとその実施規則の遵守に関連する他の事項について質問がある金融機関は、FinCENのResource Center Helpline(800)949-2732 または FRC@fincen.gov にお問い合わせください。

Persons requiring general information about the risk assessment, risk mitigation, recordkeeping, reporting, and transaction monitoring requirements applicable to money services businesses may consult the outreach material, including examiners’ expectations about compliance contained in the Bank Secrecy Act / AntiMoney Laundering Examination Manual for Money Services Businesses (Dec. 2008).

マネーサービス事業に適用されるリスクアセスメント、リスク軽減、記録保持、報告、および取引モニタリングの要件に関する一般的な情報を必要とする者は、「銀行秘密法 / マネーサービス事業のためのマネーロンダリング防止審査マニュアル」(2008年12月)に含まれるコンプライアンスに関する審査官の期待を含め、アウトリーチ資料を参照することができます。

For examples of previous interpretations on the application of FinCEN regulations to specific sets of facts and circumstances, interested persons may review the collection of guidance and administrative rulings.


Finally, in circumstances where neither the general and interpretive material available at FinCEN’s public website, nor the information provided by FinCEN’s Resource Center staff is sufficient to address the particulars of a situation, interested persons or their legal representatives may request FinCEN to provide individual guidance or an administrative ruling, by following the Requirements for Requesting an Administrative Ruling. [87]


87. See also 31 CFR §§ 1010.710 - 1010.717.

For convenience, the following chart contains a list of guidance and administrative rulings referencing CVC:


(※訳注: 以下、リスト形式で引用)

  • FIN-2013-G001 Guidance on the Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (Mar. 18, 2013)
  • FIN-2014-R001 Application of FinCEN’s Regulations to Virtual Currency Mining Operations (Jan. 30, 2014)
  • FIN-2014-R002 Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity (Jan. 30, 2014)
  • FIN-2014-R007 Application of Money Services Business regulations to the rental of Computer Systems for Mining Virtual Currency (Apr. 29, 2014)
  • FIN-2014-R011 Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Trading Platform (Oct. 27, 2014)
  • FIN-2014-R012 Request for Administrative Ruling on the Application of FinCEN’s Regulations to a Virtual Currency Payment System (Oct. 27, 2014)
  • FIN-2015-R001 Application of FinCEN’s Regulations to Persons Issuing Physical or Digital Negotiable Certificates of Ownership of Precious Metals (Aug. 14, 2015)