FinCEN Director Addresses COVID-19 Related Virtual Currency Issues at Consensus Blockchain Conference

By Sarah Aberg and Shane Killeen on May 20, 2020 Posted in Cryptocurrency

On May 13, 2020, Financial Crimes Enforcement Network (“FinCEN”) Director Kenneth Blanco delivered remarks to the Consensus Blockchain Conference regarding the agency’s recent observations in connection with virtual currencies, including the current risks of criminal exploitation of virtual currency, significant issues FinCEN anticipates for virtual currencies in the future, and the industry’s compliance with the … Continue Reading

FinCEN Updates Guidance on Crypto

By James Gatto on May 10, 2019 Posted in Bitcoin, Blockchain, CryptoAssets, Cryptocurrency, FinCEN, Initial Coin Offerings, Regulatory, Virtual Currency

FinCEN has issued 2 new guidance documents addressing cryptocurrency and other convertible virtual currency (CVC). The guidance does not establish any new regulatory expectations. Rather, it consolidates current FinCEN regulations, guidance and administrative rulings that relate to money transmission involving virtual currency, and applies the same interpretive criteria to other common business models involving CVC. … Continue Reading

What Game Companies Need to Know About FinCEN’s Updated Guidance on Virtual Currency

By James Gatto on May 10, 2019 Posted in Cryptocurrency, FinCEN, Virtual Currency

FinCEN has issued updated guidance addressing the use of crypto currency and other convertible virtual currency (CVC). A portion of this guidance addresses the use of CVC in games. The guidance does not establish any new regulatory expectations. Rather, it consolidates current FinCEN regulations, guidance and administrative rulings that relate to money transmission involving virtual … Continue Reading