Fincen Chief Gives Sharp Remarks on the Rules Compliance by the Cryptocurrency Firms

The notable Director of the Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco stated that cryptocurrency companies are not above the AML laws. The well-known leader shared his views while addressing an audience at a fintech event organized at the Georgetown University Law Center.

Mr. Blanco remarked that the entities which deal in digital assets are subject to the Bank Secrecy Act, irrespective of the fact that the digital asset in concern is a stablecoin, centralized, or decentralized crypto. During his interaction, he asserted that the implementation of such rules and regulations is necessary as there breathes a potential possibility that the individuals who keep themselves under the veil as the party on the other side of the crypto deal might be indulged in some kind of illegal activities like human smuggling.

With the growing acceptance of cryptocurrencies as strong financial assets, the regulatory bodies from around the world have pulled up their socks to maintain…