The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, has proposed a new rule to bring convertible virtual currencies (CVC) and legal tender digital asset transactions within the existing anti-money laundering and “know your customer” regulatory framework under the Bank Secrecy Act. The timing of FinCEN’s proposed rule is no accident. It comes at an explosive time for ransomware attacks and increased public awareness of and acceptance of CVCs, such as Bitcoin.
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FinCEN Proposes New Regulations on Convertible Virtual Currencies and Digital Asset Transactions Posted on: April 09, 2021 In: Data Privacy & Cybersecurity
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