Wednesday, 20 November 2019
Stablecoins fall under the US Financial Crimes Enforcement Network’s (FinCEN) remit to safeguard money transmission services, which means issuers must register as such and comply with anti-money laundering rules. That’s according to director Kenneth Blanco, who made the comments while speaking at a conference in New York last week. “Because we are technology-neutral, we can say with complete clarity that for AML/CFT purposes, it should be understood that transactions in stablecoins, like any other value that substitutes for currency, are covered by our definition of ‘money transmission services’,” Blanco said. “This means that accepting and transmitting activity denominated in stablecoins makes…
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