Cryptocurrency (Photo: Photo illustration Jason Doiy/ALM) FinCen's Proposed Virtual Currency Requirements: Why the Criticism, and What's Next?
While few would argue that additional regulation is unnecessary, it is important to strike a balance that is reflective of the current state of the industry. Both legitimate MSBs' and federal regulators' positions have merit and should be fully analyzed.
February 23, 2021 at 07:00 AM
7 minute read
According to the recent notice of proposed rulemaking from the Financial Crimes Enforcement Network of the U.S. Treasury (FinCen), certain transactions involving digital assets and virtual currency will be subject to a more burdensome regime than traditional money transfers, a move that has drawn much criticism from crypto insiders.
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