US Treasury: FATF rules align with FinCEN standards on cryptocurrency regulation

US Treasury Secretary Janet Yellen, in response to a request from Senator Pat Toomey, said that FATF rules align with FinCEN’s standards regarding the crypto industry and are merely recommendations.

1/ Good news: Sec. Yellen says recent FATF guidance on cryptocurrency is consistent with FinCEN regulation, i.e. that it does not cover «hardware wallet manufacturers, providers of unhosted wallets, software developers, or miners» who don’t take custody of funds. pic.twitter.com/SFXBDAkRWQ

— Jerry Brito (@jerrybrito) November 30, 2021

\u201eGood news: Yellen says that the FATF’s recent guidance on cryptocurrency aligns with FinCEN rules. That is, it does not apply to \u201chardware wallet manufacturers, providers of non-custodial wallets, software developers, or miners\u201d who do not take custody of funds,\u201d commented in the document by Coin Center’s executive director Jerry Brito.

2/ She also makes it a point to say that guidance is just guidance and not binding on jurisdictions.

This is all from her answers to questions for the record put to her by @SenToomey. You can see the whole document here: https://t.co/1SDk3dDMp1

— Jerry Brito (@jerrybrito) November 30, 2021

\u201eShe also emphasizes that the guidance is merely guidance and not binding on jurisdictions,\u201d added Brito.

Coin Center called a threat to FinCEN’s crypto-transaction regulations, including plans to tighten the rules for combating money laundering and the financing of terrorism. The changes entail collecting personal information about the parties to deals and the transactions of clients of cryptocurrency companies.

Earlier, FATF published a revised and updated version of the guidance for the cryptocurrency industry.

Yellen Responses to Toomey Qfrs by ForkLog on Scribd

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