Crypto Law Profile
FinCEN’s 2013 guidance applies BSA money-transmitter rules to many convertible virtual currency administrators and exchangers while excluding ordinary users using CVC to buy goods or services.
FinCEN 2013 Virtual Currency Guidance is a United States interpretive guidance issued by the Financial Crimes Enforcement Network on March 18, 2013 as FIN-2013-G001. It explains how FinCEN applies Bank Secrecy Act money services business rules to persons using, administering, or exchanging convertible virtual currency. As of June 4, 2026, the guidance should be treated as published agency guidance that has been supplemented by FinCEN’s later CVC guidance, rather than as a standalone statute.
The guidance focuses on “convertible” virtual currency, meaning virtual currency that either has an equivalent value in real currency or acts as a substitute for real currency. FinCEN distinguishes that category from “real” currency, which its regulations define by reference to coin or paper money that is legal tender and customarily used as a medium of exchange in the country of issuance.
FinCEN uses three core participant categories: users, exchangers, and administrators. A user obtains virtual currency to buy goods or services. An exchanger is engaged as a business in exchanging virtual currency for real currency, funds, or other virtual currency. An administrator is engaged as a business in issuing virtual currency and has authority to redeem it.
For U.S. crypto law coverage, FIN-2013-G001 is important because it is one of FinCEN’s earliest public applications of federal BSA money transmission rules to convertible virtual currency activity. The guidance did not create a bespoke crypto licensing regime. Instead, it applied existing MSB and money transmitter concepts to virtual currency facts and business models.
The guidance is also limited in scope. FinCEN states that it explains only how the agency characterizes certain virtual currency activities under the BSA and FinCEN regulations. It should not be read as a statement about whether the same activity complies with other federal or state statutes, rules, regulations, or orders.
| Date | Event | Status |
|---|---|---|
| July 21, 2011 | FinCEN published MSB definition amendments that form part of the background for the virtual currency guidance. | Published |
| March 18, 2013 | FinCEN issued FIN-2013-G001 on users, administrators, and exchangers of virtual currency. | Published |
| May 9, 2019 | FinCEN issued broader CVC business-model guidance that summarizes and builds on the 2013 guidance. | Published |
FinCEN’s 2019 CVC guidance consolidates current regulations, earlier administrative rulings, and prior guidance involving money transmission under the BSA. It describes the 2013 guidance as the agency’s prior interpretive guidance for transactions involving acceptance of currency or funds and transmission of convertible virtual currency. Editors should therefore present FIN-2013-G001 as a foundational FinCEN interpretation that remains relevant to U.S. AML/CFT and MSB analysis, while noting that later FinCEN guidance, administrative rulings, enforcement actions, and rulemakings may affect how particular business models are assessed.
Addresses CVC with real-currency equivalent value or that acts as a substitute for real currency; virtual currency is not legal tender in the guidance.
A user who obtains CVC to buy goods or services is not an MSB solely from that activity and is outside MSB registration, reporting, and recordkeeping for that use.
Administrators or exchangers accepting/transmitting or buying/selling CVC may be money transmitters unless a regulatory limitation or exemption applies.
Repository administrators and exchangers using administrator services can be money transmitters when moving value between persons or locations.
Creating CVC for personal purchases is user activity; creating and selling units or accepting/transmitting decentralized CVC can trigger money transmitter treatment.
FinCEN states the guidance characterizes activity under the BSA and FinCEN rules only, not other federal or state legal regimes.
FinCEN published MSB definition amendments that formed part of the background for the 2013 virtual currency guidance.
FinCEN issued interpretive guidance on users, administrators, and exchangers of virtual currency under BSA regulations.
FinCEN issued broader CVC business-model guidance that summarizes and builds on the 2013 guidance.
FinCEN, U.S. Department of the Treasury
Convertible virtual currency, Virtual currency
Interpretive FinCEN guidance, not a statute. Present with date context and note that later FinCEN CVC guidance, rulings, enforcement actions, and BSA rules may affect specific business models.
