Mnuchin Says Guidelines Move Crypto Firms From ‘Dark Shadows’

Treasury Secretary Steven Mnuchin voiced his support for new global regulatory standards to combat illicit financing by criminals, terrorists and rogue nations that will have major implications in the world of cryptocurrencies.

Mnuchin spoke Friday at an Orlando, Florida gathering of the Financial Action Task Force -- a multi-government effort that develops recommendations for combating money laundering and financing of terrorism that’s comprised of about 200 countries. The guidelines require companies to collect information about customers and the recipients of funds, and to send that data to the receiver’s service provider with each transaction.