OFAC Publishes Sanctions Compliance Guidance For The Virtual Currency Industry

The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") published Sanctions Compliance Guidance for the Virtual Currency Industry ("Guidance")¹ on its official website on October 15, 2021, by expressing that the Guidance is published as a resource to help members of the virtual currency industry navigate and comply with OFAC sanctions, and to ensure OFAC's commitment to engage with the virtual currency industry to promote an understanding of, and compliance with, sanctions requirements. OFAC also expressed in its announcement that it has updated its Frequently Asked Questions 559 and 646 which are associated with the topic.

The Guidance explains that OFAC regulations apply to all U.S. persons, as well as all entities organized under the laws of the United States or any jurisdiction within the United States, including any foreign branches of those entities. Accordingly, the Guidance notes that anyone engaging in virtual currency activities in