Casascius pointed out on BitCoin Talk yesterday that BitInstant the BitCoin exchanger has received a Money Service Business (MSB) license from the US Financial Crime Regulator FinCEN. Here is the official letter from FinCEN
This is quite big news as it is yet another step in legitimizing it. From what I understand most European regulators have decided they don’t need Bitcoin exchangers to be licensed (see yesterdays story about Denmark).
Personally I don’t think they need to be regulated, but in the US this I believe will help remove some of the reluctance businesses have had to adopt BitCoin. They still have to battle their book keepers to move away from checks but this might help them to persuade their legal counsel to allow them to start experimenting.
BitInstant provides good old fashioned own account exchange services between a series of BitCoin market …