Director of FinCEN Affirms That Cryptocurrency Industry Is in Line With Agency Regulations

The director of FinCEN (Financial Crimes Enforcement Network) Kenneth. A Blanco believes that the cryptocurrency industry is starting to fall in place with the agency’s regulations on money transmission services. A speech was given at the American Bankers Association & American Bar Association Financial Crimes Enforcement Conference suggested that FinCEN’s guidance of May 2019 showed more positive impacts of the crypto - space.

The report also verified how the regulations related to the money services business, also known as MSB’s, apply to the specific business models within the industry as well as abiding by obligations under the United States Bank Secrecy Act.

Kenneth also observed that businesses within the crypto space are increasing their internalization of the agency’s essential advisory and applying them in their filings directly.

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