Explaining how the Financial Crimes Enforcement Network’s (FinCEN) regulations apply to money transmission involving convertible virtual currencies, the agency’s new guidance is intended to consolidate existing regulations, administrative rulings and guidance rather than impose new ones.
The guidance specifically addresses the applicability of Bank Secrecy Act (BSA) regulations enforced by FinCEN relating to money services businesses (MSBs) apply to certain business models involving money transmission denominated in value that substitutes for currency, specifically, convertible virtual currencies (CVCs).
Find out more details about the topic.