If you have read our previous articles, you understand how Know Your Customer (KYC) regulations for FinTechs work in different parts of the world, such as Europe & Latam. Now it’s time to go a little bit more in-depth to make sense of how these operate in the USA.
The Financial Crimes Enforcement Network (“FinCEN”) issued several rules which must be followed by anyone dealing with currency (“real” or virtual), in any way. The FinCEN has defined what it deems as a user, an administrator, and an exchanger of virtual currency, on the understanding that “virtual currency” is regarded as a medium of exchange accepted like currency in some environments, but lacking the legal tender status.
The cryptocurrency boom in 2017 was so sudden that many investors and regulators where left dazed confused in its wake. After this initial shell shock passed it became apparent that the financial system was not ready for the introduction of cryptocurrencies in ‘17 and as a consequence many abuses of the system were detected during this period
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