The US government is aimed at taking measures against international regulation


The US government is aimed at taking measures against international regulation

On the application of FinCEN, the service for combating financial crimes at the Department of Finance in the United States, the U.S. financial system at the moment is at risk and to regulators the United States is the question of carrying out appropriate measures in the areas though not being the priority. At the same time, the US government does not want to limit yourself in terms of regulation, trying to install measures not only in his country but throughout the world.

Kenneth Blanco, Director of FinCEN, stated that the U.S. government will act against anyone who, in his opinion, some way should not be jurisdiction.

The Director explained that all the services associated with the transfer of money, whether it be an exchange of cryptocurrencies for real money, or Fiat money, they should conform to the standards of AML/KYC. Therefore, companies shall register with FinCEN and to introduce reporting. He stressed that ” it is important to understand that these requirements apply equally to domestic and international companies, even if they are not registered in the United States, as long as it carries out activities related to cryptocurrency in the world and throughout the United States.”

Blanco also shared some interesting figures on the work of government. He showed that in 2014, FinCEN and IRS have studied more than 30% of all registered stock exchanges and exchange offices, and received more than 1500 applications per month on “suspicious activity” with cryptocurrencies.

He also noted that “companies that provide anonymous services (normally associated with speculative securities or concealment of the original Deposit), seeking to classify the source of the transmission of cryptocurrencies now have regulatory obligations”.

The leader also referred to the initial proposals of the coins (ICO). “While the ICO and different mechanisms, depending on their structure, will be subject to various authorities, one fact remains the same for all: FinCEN, the SEC and the CFTC expect that the enterprises involved in the ICO, will fulfill all its obligations according to the standards of AML/KYC.

In conclusion, Blanco warned that ” FinCEN is aggressive in relation to individuals and companies that do not take seriously their obligations in accordance with the laws of the United States, and provide opportunities for those who do.”

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