FinCEN boss lays out Bitcoin rules
The boss of US regulator FinCEN has outlined what Bitcoin exchanges need to do to keep the feds happy and stay out of prison. Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network, told the American Banker that the US had no ideological beef with alternative currencies, but expects them to follow existing anti-money laundering rules. Calvery said: "Digital currencies are just a financial service and those who deal in them are a financial institution. Any financial institution and any financial service could potentially pose an AML[anti-money laundering] threat." She....
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The Electronic Frontier Foundation (EFF) raised concerns about the strengthening financial surveillance through the proposed crypto regulations announced by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The Nonprofit Organization Is Concerned About New Rules on Self-Hosted Crypto Wallets Proposed by FinCEN According to the nonprofit organization based in the United States, the FinCEN is trying to undermine “one of the most important aspects of cryptocurrencies from a civil liberties perspective,” which can provide privacy protections for their users.....
FinCEN has released two new Virtual Currency Guidance notes today. FIN-2014-R011 and FIN-2014-R2012 both detail FinCEN's response to requests "for Administrative Ruling on the Application of FinCEN's Regulations to Virtual Currency" Trading Platforms and Payment Systems. FinCEN has clarified that both would require a money transmitter license under their federal rules. FinCEN's clarifications, presented by Jamal El-Hindi, the Associate Director of FinCEN's Policy Division, may be the precursor to a new wave of Bitcoin company crackdowns. Recently, the SEC revealed that there were ongoing....
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The U.S. Department of the Treasury announced Friday that the Financial Crimes Enforcement Network (FinCEN) has proposed new rules “aimed at closing anti-money laundering regulatory gaps for certain convertible virtual....
Crypto companies complain about FinCEN's new "unhosted wallets" proposal. But the rules aren't unreasonable, says our columnist.