On Thursday (May 9, 2019), the U.S. Financial Crimes Enforcement Network (FinCEN) published new guidelines showing how anti-money laundering (AML) laws apply to Bitcoin and the rest of the cryptocurrency in general.

Mandatory KYC for P2P Bitcoin Trading Platforms

In a tweet published on Friday (May 10, 2019) notable cryptocurrency legal expert Jake Chervinsky provided a summary examination of the key highlights from the FinCEN guidelines.

The main purpose of the 30-page document is to provide regulatory clarity for cryptocurrency businesses in determining whether they are money transmitters under the Banking Secrecy Act (BSA).

According to FinCEN, Bitcoin peer-to-peer trading platforms like Localbitcoins are money transmitters. The regulatory watchdog…

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Source: https://thebitcoinnews.com/fincen-unveils-new-bitcoin-guidelines-heres-what-you-need-to-know/