August 14, 2018 169By Nathan Bentley
“FinCEN’s rules apply to all transactions involving money transmission—including the acceptance and transmission of value that substitutes for currency, which includes virtual currency. Our regulations cover both transactions where the parties are exchanging fiat and convertible virtual currency, but also to transactions from one virtual currency to another virtual currency.”Here, Blanco is reminding onlookers that even though cryptocurrency is digital, it still falls under their regulatory remit and that therefore, those who are reporting crypto crimes to FinCEN are doing the right thing. I guess this has been said to encourage others to do more of the same thing. You can see the full article for yourself, here. It is the level of reports that we find most fascinating here. 1,500 a month would equate to 18,000 reports per year. 49 per day. This is just in the United States alone. Is this a sign that the industry is now truly saturated with instances of crime, hacking and theft? How can an industry remain balanced with so many attempts to tarnish it, each day? Of course, we don’t know the nature of these reports, likewise, Blanco doesn’t really disclose the nature of these reports, this is information that I do suspect would be readily available soon enough via an official FinCEN report. Regardless of this, in the grand scheme of things, these figures are slightly worrying.