On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN), issued new “interpretive guidance” about how its regulations apply to businesses that conduct money transmissions in virtual currencies.

In summary, a money services business (MSB) needs to register with FinCEN, (which is free and done through Form 107); get an AML compliance policy that specifies what KYC information will be collected (and aims to catch and prevent money laundering and terrorism); designate a compliance officer to monitor transactions and file suspicious activity reports for activity that looks suspicious and file currency transaction reports for transfers over $10,000; and adhere to record-keeping requirements. Crypto-to-crypto or crypto-to-fiat conversion is treated in the same way.

According to the guidance, it appears the following would need to register as an MSB:

Anyone exchanging or administering a token (called a convertible virtual currency, or CVC, in the guidance) who is not already regulated by the Commodity Futures Trading…

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Source: https://thebitcoinnews.com/op-ed-understanding-the-latest-fincen-guidance-for-cryptocurrencies/