IdentityMind stands ready to help FIs, FinTechs, payment facilitators (PayFacs) and digital marketplaces comply with virtualcurrency BSA-FinCEN regulations.
Background In January 2018, the Commodity Futures Trading Commission (“CFTC”) filed a civil action against a virtualcurrency issuer and its promoters alleging that they committed “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtualcurrency known as My Big Coin (MBC.
The VirtualCurrency Consumer Protection Act also directs the CFTC to describe how price manipulation can happen in virtual markets and how this can be prevented.
On September 26, 2018, a US federal court found that virtualcurrency constitutes a class of items that are commodities under the Commodity Exchange Act (“CEA”) because one member of that class, Bitcoin, is the subject of futures trading.
Representatives of HBUS suggested that they wanted to show the digital asset revolution and evolution, which gives people more options to access the ever-expanding ecosystem of digitalcurrencies, the products and services that accept digitalcurrencies.
Some jurisdictions are looking at issuing their own digitalcurrencies as a way to raise funds for municipal projects,” says Joe Rotunda, director of enforcement for the Texas State Securities Board.
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