Cryptocurrencies
Initial Coin Offerings Likely Need to Follow Bank Secrecy Rules
- Treasury letter says rules apply to cryptocurrency exchanges
- Some states could take licensing cues from FinCEN letter
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Issuers and investors in initial coin offerings for digital coins appear to have something else to worry about besides the increased scrutiny of U.S. regulators.
Some startups that accept digital or fiat currencies in exchange for their newly issued tokens are money transmitters, which must be in compliance with bank secrecy and know-your-customer guidelines, according to a newly released letter from the Department of the Treasury.