The US government is coming to grips with a firm but fair approach to cryptocurrency regulations. This was once again reiterated by Kenneth Blanco, director of the Financial Crimes Enforcement Network (FinCEN), saying cryptocurrency companies would be held by anti-money laundering law (AML) and be forced to share information about their clients.
The reaffirmation by Blanco came as no surprise. However, it was interesting to note the seriousness and direct nature of his tone towards businesses such as digital asset exchanges and wallet service providers as regulators try and stamp out illicit use cases in crypto.
“That’s what our expectation is. You will comply. I don’t know what the shock is. This is nothing new,” he said after making mention of the ‘travel rule,’ which is also intended to help fight money laundering.
FinCEN Fighting a Billion-Dollar Battle
Cryptocurrency has been fighting a battle on two fronts. First, it is trying to gain mainstream adoption and be recognized for its innovation in the financial sector; however, it is also trying to distance itself from criminal activities. Read More...