What are the requirements for currency dealers to be registered with the US Treasury for handling cryptocurrencies?

3 answers

• RickAnjosJul 20, 2023 · 3 years ago
  To be registered with the US Treasury for handling cryptocurrencies, currency dealers must comply with the Bank Secrecy Act (BSA) regulations. This includes implementing an effective anti-money laundering (AML) program, conducting customer due diligence (CDD), and filing suspicious activity reports (SARs) when necessary. Additionally, currency dealers must register with the Financial Crimes Enforcement Network (FinCEN) and obtain a Money Services Business (MSB) registration. These requirements are in place to ensure transparency and prevent illicit activities in the cryptocurrency industry.
  597

  299
• Bojesen HauserSep 17, 2021 · 4 years ago
  The US Treasury requires currency dealers to follow strict regulations when handling cryptocurrencies. They must establish and maintain an effective AML program, which includes policies, procedures, and internal controls to detect and prevent money laundering and terrorist financing. Currency dealers are also required to perform customer due diligence, which involves verifying the identity of customers and conducting ongoing monitoring of their transactions. By complying with these requirements, currency dealers contribute to the overall integrity of the cryptocurrency market.
  583

  195
• Jialiang ChenSep 26, 2021 · 4 years ago
  As an expert in the cryptocurrency industry, I can tell you that currency dealers need to meet certain requirements to be registered with the US Treasury. These requirements include implementing an AML program, conducting customer due diligence, and reporting suspicious activities. It's important for currency dealers to comply with these regulations to ensure the legitimacy and security of cryptocurrency transactions. At BYDFi, we prioritize compliance and work closely with regulatory bodies to ensure a safe and transparent trading environment for our users.
  564

  141