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Category Archives : Virtual Currency News

FinCEN director discusses approach to virtual currency and emerging technology
16 Aug
1:36

FinCEN director discusses approach to virtual currency and emerging technology

On August 9, FinCEN Director Kenneth A. Blanco delivered remarks at the 2018 Chicago-Kent Block (Legal) Tech Conference to discuss, among other things, the agency’s approach to virtual currency and its efforts to protect financial institutions from being exploited for illicit financing purposes as new financial technologies evolve and are…

IRS Announces the Selection of Five Compliance Campaigns
16 Aug
1:47

IRS Announces the Selection of Five Compliance Campaigns

On July 2, 2018, the IRS Large Business and International division (LB&I) announced the approval of five additional compliance campaigns. The five additional campaigns were identified through LB&I data analysis and suggestions from IRS employees. According to the IRS, LB&I continues to review legislation enacted on December 22, 2017, to…

Bitcoin, Ether prices sink as selloff in crypto-currencies continues
15 Aug
1:56

Bitcoin, Ether prices sink as selloff in crypto-currencies continues

Bitcoin now accounts for 54% of crypto-currency market capitalization, according to Coinmarketcap.com Bitcoin touched below $6,000 and dozens of smaller digital tokens including Ether retreated as this month’s sell-off in crypto-currencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887, the…

New Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities—Action Required
15 Aug
2:07

New Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities—Action Required

On August 9, 2018, the National Futures Association (“NFA”) announced that, effective October 31, 2018, NFA members are required to make additional disclosures in connection with their virtual currency activities in accordance with recently adopted Interpretive Notice 9073 (the “Interpretive Notice”).1 The Interpretive Notice applies not only to asset managers…

Some basics about virtual currency and investing
14 Aug
2:15

Some basics about virtual currency and investing

If you’re like me, you can feel your head spinning when you hear words and phrases like “blockchain,” “cryptocurrency” and “digital tokens.” But if you’re also like me, you understand the necessity of understanding virtual currencies as it becomes more mainstream in our financial markets. This is especially true for…

Unauthorized virtual currencies are illegal in the Kingdom of Saudi Arabia
14 Aug
2:30

Unauthorized virtual currencies are illegal in the Kingdom of Saudi Arabia

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FinCEN director: We Receive 1500 Virtual Currency Complaints a Month
13 Aug
2:45

FinCEN director: We Receive 1500 Virtual Currency Complaints a Month

Advertisement The US Financial Crimes Enforcement Network (FinCEN) now receives over 1,500 Suspicious Activity Reports, which concern cryptocurrencies like Bitcoin, every month. The statistics were presented by the FinCEN Director, Kenneth Blanco, during his speech regarding the US agency’s views on decentralized digital assets and virtual currencies. The US Treasury, at the 2018…

FinCEN Included a “Wide Array of Virtual Currency Businesses” Under Its Watch, Director Says
13 Aug
2:57

FinCEN Included a “Wide Array of Virtual Currency Businesses” Under Its Watch, Director Says

Kenneth A. Blanco, Director of the US Financial Crimes Enforcement Network (FinCEN), recently spoke at the Chicago-Kent Block Tech Conference, revealing that the bureau has widened its purview, including an array of virtual currency businesses. FinCEN, recognizing the impact that cryptocurrencies could have on economies, created a Bitcoin training program…

Crypto-Currency Exchanges, The Play Ground Of Young India
12 Aug
3:16

Crypto-Currency Exchanges, The Play Ground Of Young India

Crypto-currency Exchanges are the new playgrounds of Young India specifically the Young Technocrats and Restless Investors. Even though crypto-currencies have been around now for more than 10 years, it has seen more frenzy in the last one year with the price of Bit-coins the most popular of cryptocurrencies, appreciating to…

FinCEN Director Reports Surge in Crypto-Related Suspicious Activity, Still Supports Digital Currency Innovation
12 Aug
3:26

FinCEN Director Reports Surge in Crypto-Related Suspicious Activity, Still Supports Digital Currency Innovation

Director of US Financial Crimes Enforcement Network (FinCEN) Kenneth A. Blanco delivered a speech on August 9th at the 2018 Chicago-Kent Block Legal Tech Conference, wherein he cited a recent surge in crypto-related Suspicious Activity Reports (SARs). According to FinCEN’s data, the average number of monthly SAR complaints has now…