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US Treasury Secretary: about to roll out some significant new requirements at FinCEN

Steven-Mnuchin-significant-new-requirements Steven Mnuchin | US Treasury Secretary

US Secretary of the Treasury Steven Mnuchin, speaking to Congress, said that the Financial Crimes Enforcement Network (FinCEN) is preparing to introduce new cryptocurrency regulations.

Mnuchin did not announce any details, he limited himself to the phrase: "We're about to roll out some significant new requirements at FinCEN". He added that the US authorities intend to seek a balanced approach in this area.

"We want to make sure that technology moves forward, but on the other hand, we want to make sure that cryptocurrencies aren't used for the equivalent of old Swiss secret number bank accounts," 

he said.

Later in the course of the hearings, Mnuchin nevertheless revealed some details about future changes. He said law enforcement agencies should see where the money goes and if cryptocurrencies are used to launder it.


The minister also spoke positively on stablecoins. "We do think technology can be used to reduce payment processing quite considerably, particularly for small dollar payments cross-border."


In July last year, Mnuchin said that Bitcoin is in demand among criminals in the context of illegal activities. We are talking about cybercrime, tax evasion, extortion, drug and human trafficking. Then he emphasized that the US authorities will not turn a blind eye to this and will take all necessary measures. 

SOURCE

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