RATE Group | U.S. financial regulators warned the cryptocurrency industry has abide by banking laws
65014
post-template-default,single,single-post,postid-65014,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

U.S. financial regulators warned the cryptocurrency industry has abide by banking laws

11 Oct U.S. financial regulators warned the cryptocurrency industry has abide by banking laws

Posted at 18:49h in Cryptocurrency News by

[ad_1]

The statement has been signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton.

It is said to “reminds” companies in the crypto industry that they must comply with various banking and financial services laws in the U.S., regardless of what they call their cryptocurrencies or tokens. The document refers to the Bank Secrecy Act (BSA), which outlines how different financial services businesses should register with regulators.

“As such, regardless of the label or terminology that market participants may use, or the level or type of technology employed, it is the facts and circumstances underlying an asset, activity or service, including its economic reality and use (whether intended or organically developed or repurposed), that determines the general categorization of an asset, the specific…

[ad_2]

Source link

Tags:
, , , , , , ,