FinCEN Issues New Crypto Interpretive Guidance

May 11,2019 at 09:04 pm



The Financial Crimes Enforcement Network (FinCEN) published a new guidance sheet Thursday, outlining when and how different companies, individuals and platforms in the crypto space may be money transmitters under the Bank Secrecy Act (BSA) and other relevant laws. The document highlighted dapps among other models.

The FinCEN guidance is divided into six sections. Section 1 defines key concepts. Section 2 summarizes and explains current FinCEN regulations and ruling regarding applicable BSA money transmission rules. Section 3 discusses FinCEN's 2013 CVC guidance. Sections 3 and 5 describe how FinCEN's "existing regulatory approach" applies to CVC. Section 6 includes a list of resources.



According to FinCEN, Bitcoin peer-to-peer trading platforms like Localbitcoins are money transmitters. The regulatory watchdog characterized P2P exchanges as entities engaged in trading bitcoin and other cryptocurrencies.

Thus, BTC traders on Localbitcoins who have dealings in the U.S. must perform mandatory know-your-customer (KYC) processes and abide by AML laws. This guideline also means unlicensed BTC P2P traders risk facing jail time if caught.

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