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FinCEN on Crypto, and How It Affects You

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.

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Why Cashing In & Out Of Crypto Exchanges Is (still) A Pain In The A**.

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.

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Legal summary: SEC on Crypto

The Vacation Rental industry has, in recent years, become very targeted by fraudsters because of its high-ticket items (the average price of a fraudulent booking ranges from $238-$588, according to Sift Science) and intangible goods – which means there is nothing to collect. In addition, with instant booking capabilities, it becomes increasingly difficult for small teams to investigate every transaction and quickly detect fraudulent activity.

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