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On that point, let me take this opportunity to emphasize that actors working in these new systems for moving value are subject to the same AML principles and requirements as other financial institutions. Social media and messaging platforms and others now focusing on the establishment of cryptocurrencies cannot turn a blind eye to illicit transactions that they may be fostering. As we’ve said on other occasions, to the extent that the financial sector chooses to move forward with the opportunities that some of these emerging systems present, we are not going to allow it to slide backward on the protections and appropriate transparency that we have collectively worked so hard to weave into the financial system.
We will judge emerging financial institutions on whether and how they make their systems resilient to, and report on, money laundering, terrorist financing, sanctions evasion, human and narco-trafficking, and other illicit activity.
Make no mistake about it, whether it is through existing rules and guidance or future rules and guidance, we will regulate in this space consistent with the existing principles underlying the BSA/AML regime. Industry will have to develop its new products and services to ensure appropriate transparency for law enforcement and national security purposes. And where that doesn’t happen, we have the ability to protect our financial system.
We will judge emerging financial institutions on whether and how they make their systems resilient to, and report on, money laundering, terrorist financing, sanctions evasion, human and narco-trafficking, and other illicit activity.
Make no mistake about it, whether it is through existing rules and guidance or future rules and guidance, we will regulate in this space consistent with the existing principles underlying the BSA/AML regime. Industry will have to develop its new products and services to ensure appropriate transparency for law enforcement and national security purposes. And where that doesn’t happen, we have the ability to protect our financial system.
https://www.fincen.gov/news/speeches/prepared-remarks-fincen-deputy-director-jamal-el-hindi-delivered-sifma-20th-anti
Based on what the Deputy Director says, I interpret it that there will be full regulations as far as crypto-currencies goes. It will be implemented and will be sweep. Although each countries has it's own set of regulatory framework, but with this statement, we might see a single governing laws.
Thoughts?