Title: Cryptocurrency Regulations - United States | ComplyAdvantage
Headings: Cryptocurrency Regulations in the
United States

Cryptocurrency Regulations in the United States
Cryptocurrency Exchange Regulations
Request a Demo
Future Cryptocurrency Regulations
Learn how our solution helps Crypto companies comply with AML regulations

Content: Cryptocurrency Exchange Regulations
Cryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA). In practice, this means that cryptocurrency exchange service providers must obtain the requisite license from FINCEN, implement an AML/CFT and Sanctions program, maintain appropriate records, and submit reports to the authorities. Meanwhile, the US Securities and Exchange Commission (SEC) has indicated that it considers cryptocurrencies to be securities, and applies securities laws to digital wallets comprehensively in an approach that will affect both exchanges and investors alike. By contrast, The Commodities Futures Trading Commission (CFTC) has adopted a friendlier, “do no harm” approach, recognising Bitcoin and Ethereum as commodities and allowing other virtual and cryptocurrency derivatives to trade publicly on exchanges that it regulates or supervises. In response to guidelines published by FATF in June 2019, FinCEN has also made clear that it expects crypto exchanges to comply with record-keeping requirements and the “Travel Rule” by sharing information about the originators and beneficiaries of cryptocurrency transactions. The US places virtual currency exchanges in the same regulatory category as traditional AML/CFT gatekeepers, financial institutions, and money transmitters: accordingly, it applies the same regulations, including those set out in the 2021 amendments to the Bank Secrecy Act (which has established its own version of the Travel Rule). SPEAK TO OUR EXPERTS
Request a Demo
Discover our solutions for the cryptocurrency industry to see how we can help your organization comply with regulations. Request a Demo
Future Cryptocurrency Regulations
The US Treasury has emphasized an urgent need for crypto regulations to combat global and domestic criminal activities. In 2018, Treasury Secretary Steve Mnuchin announced a new FSOC working group to explore the increasingly crowded cryptocurrency marketplace and in December 2020, FinCEN proposed a new data collection requirement for persons responsible for managing cryptocurrency exchanges, digital assets, DTLs, and crypto payments and on certain private digital wallets.