The Third District Court of Appeal of Florida, overruling the decision from a case pending in Miami-Dade County Circuit Court, has held that bitcoin sellers must register as a money service business (MSB), meaning with both Florida and Federal regulatory agencies. The trial court dismissed an information, which charged the defendant/appellee with failure to register and money laundering, having ruled that Bitcoin was not cash. It also held that he was not a money transmitter, and therefore was not required to register as an MSB.
The appeals court ruled that Bitcoin is a 'payment instrument" within the meaning of the Florida Statutes requiring MSB registration of individuals engaged in the business of being a Money Transmitter, in a 33-page opinion with extensive citations to all relevant legal authorities. Readers who wish to review the complete opinion of
The State of Florida vs. Mitchell Espinoza, Case No.: 3D16-1860 (Fla. 3rd DCA) can access it
here.
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