The Financial Crimes Enforcement Network (FinCEN) has issued a guidance outlining how certain crypto-related businesses may be considered money transmitters under the Bank Secrecy Act (BSA) and other relevant laws, meaning they will be subject to federal AML and KYC regulations. The guidance explains that if a dapp “accept[s] and transmit[s] value,” it qualifies as a money transmitter under the same regulatory interpretation applied to crypto-dispensing vending machines. Further, while hosted online wallets are likely to be considered money transmitters, non-hosted wallets and decentralised exchanges are likely to be exempted. FinCEN also explains that payment processors are most likely to be within the scope of existing regulation if  they convert crypto to fiat and vice versa at the point of sale.