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ARTICLE · 27 OCTOBER 2023

FinCEN Guidance On Cryptocurrency

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The world of cryptocurrency has witnessed remarkable growth in recent years, attracting both retail and institutional investors. It has also made it appealing for Fintech startups to venture into the world of digital finance.

United StatesTechnology
Vick Ekizian
Vick Ekizian

The world of cryptocurrency has witnessed remarkable growth in recent years, attracting both retail and institutional investors. It has also made it appealing for Fintech startups to venture into the world of digital finance. But the wave of popularity has also drawn the attention of regulators like the Financial Crimes Enforcement Network (FinCEN) and prompted them to intervene to help shape the regulatory landscape and keep bad actors from using cryptocurrencies for illicit activities like money laundering, human/drug trafficking, terrorist financing, and fraud. FinCEN, a bureau of the U.S. Department of the Treasury, is tasked with combating financial crimes by enforcing anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. These regulations, which have historically applied to traditional financial institutions, now extend to entities involved in virtual currency activities.

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