Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

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FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your business involves creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies, you may be subject to FinCEN's registration, reporting, and recordkeeping requirements.

To read the full Client Alert, please see Financial Crimes Enforcement Network Issues Guidance on Virtual Currency.

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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