Cryptocurrency Miners Can Operate Freely Without Registration in the United States
In a recent development, the Financial Crimes Enforcement Network (FinCEN) has provided clarification on the regulations surrounding cryptocurrency mining, particularly for individual miners in the United States.
According to the updated guidelines, individual miners who simply mine cryptocurrency for personal use and do not engage in buying, selling, or transmitting the currency for others are not required to register as a money service business (MSB) with FinCEN. This means that American miners no longer need to worry about filing a large number of documents when mining cryptocurrencies for personal use.
However, it is important to note that mining activities for the benefit of another will still require registration with FinCEN. The letter from FinCEN to Atlantic City Bitcoin, a bitcoin mining company, provides details about which users mining Bitcoins will still need to register with them.
The updated guide also states that both companies and individuals mining Bitcoin would have to register with the US government as a money service business if they engage in money transmission or act as a business for others. Key requirements for MSBs include registering with FinCEN, developing and implementing an Anti-Money Laundering (AML) program, keeping records of certain transactions, and filing Suspicious Activity Reports (SARs) if suspicious activity is detected.
The US Treasury Department's Financial Crimes Enforcement Network created a guide earlier this year about regulating cryptocurrencies under the Bank Secrecy Act (BSA) with a strong focus on anti-money laundering (AML) and countering the financing of terrorism (CFT). As of mid-2025, FinCEN continues to regulate cryptocurrency-related activities with these objectives in mind.
It is worth noting that some states may have additional requirements or registration for cryptocurrency businesses, but these are separate from federal FinCEN requirements. For example, New York requires a BitLicense for certain virtual currency business activities.
In summary, individual cryptocurrency miners in the United States are not required to register as MSBs with FinCEN unless their activities involve money transmission or business services for others. Exchangers, money transmitters, and administrators of cryptocurrency must register and comply with AML/BSA obligations. The letter from FinCEN to Atlantic City Bitcoin offers reassurance to American miners and provides a more lenient approach to the regulations for mining Bitcoin for personal use.
Miners who use cryptocurrency mining for their personal business, without engaging in buying, selling, or transmitting the currency for others, are exempt from registering as a money service business (MSB) with FinCEN. However, if mining activities are done for the benefit of another, registration with FinCEN is necessary for both individuals and companies.
