FinCEN Director Notes Improved Oversight of Cryptocurrency Industry
Marie Huillet's original article for cointelegraph.com reduced by 75%
The director of the Financial Crimes Enforcement Network says the cryptocurrency industry has begun to fall in line with the agency's regulations on money transmission services. In a speech delivered at the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference on Dec. 10, Kenneth A.
Blanco claimed that FinCEN's May 2019 guidance was having a marked and positive impact on its oversight of the crypto space. Crypto reporting has significantly increased since May. In May, FinCEN published guidance for crypto businesses that clarified how its regulations relating to money services businesses apply to certain business models in the crypto industry and carry specific obligations under the United States Bank Secrecy Act.
In his remarks, Blanco noted that since its publication, the agency has seen a significant increase in Suspicious Activity Reports: a total of 11,000, of which roughly two thirds are from crypto businesses, including kiosks, exchanges, and peer-to-peer exchangers. Ahead of May, he noted, filings from entities in the crypto space had accounted for markedly less - around half of the SARs the agency received. There has also been an increase in reporting of customers conducting crypto transactions with wallets linked to darknet marketplaces, as well as on activity that appears characteristic of scam victims - particularly novice crypto users, including the elderly.
This fall, the U.S. House of Representatives passed a bill requiring the Director of FinCEN to conduct a study on the use of emerging technologies, including blockchain, within the agency.
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Summarised crypto news.