Summary of Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

Updated 06/24/2021

The Financial Crimes Enforcement Network (FinCEN) issued this guidance to clarify the applicability of the Bank Secrecy Act (BSA) to persons creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies. A user of virtual currency is not a MSB under FinCEN’s regulations. However, an administrator or exchanger is considered a MSB.

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