MCC 6051 covers transactions related to non-financial institutions handling the purchase and sale of foreign currency, liquid assets, and cryptocurrency assets, including exchanges, trading services, on-ramps, and similar activities.
High Risk; Restricted
This MCC is considered high-risk due to the involvement of cryptocurrency transactions, which are prone to fraud and illegal activities. Merchants dealing with these assets must register with the card network and adhere to special operational rules. Consequently, many card issuers block or restrict transactions under this MCC. Additionally, almost all crypto debit card issuers block this MCC as well.
Interchange Fee
Transactions under MCC 6051 typically incur interchange fees between 1.5% to 5%, varying based on the card network, transaction type, and issuing bank policies.
Cashback Rewards
Purchases under this MCC generally do not qualify for cashback rewards due to the high-risk nature and volatility of transactions, though certain cards may offer specialized rewards on specific platforms.
Rules and Restrictions
There are no special rules or restrictions unique to processing MCC 6051 transactions, apart from general regulatory and compliance requirements pertaining to financial assets and cryptocurrencies.
Tax Reporting
Transactions related to MCC 6051 involve specific tax reporting obligations, especially for cryptocurrency. Buyers should seek professional tax advice to comply with IRS regulations, including capital gains reporting and other applicable tax laws.