FinCEN’s proposed regulation of virtual assets
By EsqSocial Corporation 07/01/21
A controversial proposed rule from the Financial Crimes Enforcement Network would bring bank-like regulation of virtual asset transactions, including the first broadly-applied AML reporting requirement in at least two decades. However, it does not appear to account for the differences in technology that separate transactions involving digital assets from transactions that leverage traditional payments rails – nor does it appear to appreciate the significant costs to industry to fully implement...
By: White & Case LLP