FinCEN's new digital currency advisor says crypto's 'just another means of pa...

FinCEN's new digital currency advisor says crypto's 'just another means of pa...

FinCEN digital currency advisor, Michele Korver, believes cryptocurrency is a natural evolution in financial technology. Michele Korver, the first-ever chief digital currency advisor for the Financial Crimes Enforcement Network’s (FinCEN), believes crypto assets are just another way of transferring value.Speaking to Law360 on July 29, the newly appointed Korver said cryptocurrency was "just another means of payment or value transfer that's developed over time, just like any financial technology." Korver offered a cool assessment of the digital asset sector, describing it as a natural....


Related News

Financial Watchdog FinCEN Recruits First-Ever Chief Digital Currency Advisor

Following the Financial Crimes Enforcement Network (FinCEN) explaining the misuse of cryptocurrencies is a national priority last week, the bureau announced on Tuesday it hired its first-ever chief digital currency advisor. FinCEN’s acting director Michael Mosier detailed that Michele Korver will be the bureau’s new crypto expert and she brings “a wealth of digital currency expertise.” FinCEN Enlists Former DOJ Digital Currency Counsel as New Chief Digital Currency Advisor FinCEN, the U.S. regulator that combats domestic and international financial crimes, has....

FinCEN Brings Michele Korver As First “Chief Digital Currency Advisor”

The U.S. FinCEN has hired Michele Korver, previously in the DOJ Digital Currency Council, as the first-ever Chief Digital Currency Advisor.

FinCen Issues Two Administrative Rulings Regarding Virtual Currency

FinCen has issued two basic administrative rulings over digital currencies. The first one relates to the application of FinCEN regulations to a virtual currency trading platform, while the second discusses the application of FinCEN regulations to a virtual currency payment system. In ruling FIN-2014-R011, FinCen states that any and all digital currency exchanges must become licensed as a money transmitter including: On the exchange you are buying/selling bitcoins. The exchange carries the burden of giving you legal tender or a different cryptocurrency. According to the FinCen, regulations....

FinCEN Clarifies that Virtual Currency Payment Systems and Trading Platforms Are Money Transmitters

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....

BREAKING: US financial regulator FinCEN hires its first-ever chief digital cu...

Michele Korver has been involved in crypto-focused anti-money laundering operations since as early as 2013. The Financial Crimes Enforcement Network, or FinCEN, has recruited Michele Korver, formerly of the United States Department of Justice, to serve as the agency’s first chief digital currency advisor.In her role, Korver will be tasked with advancing "FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation,” the agency announced....