FinCEN to put new regulatory measures for digital currencies

The Financial Crimes Enforcement Network which answers to US Treasury department will be putting forth new regulations on cryptocurrencies according to US Treasury Secretary Steven Mnuchin.

During a speech before the Senate Finance Committee Mr. Mnuchin pointed out the increase of funding to anti-terror measures and said “specifically on cryptocurrencies, we are spending a lot of time on this, on both an interagency basis and with the regulators. We’re about to roll out some significant new requirements at FinCEN.”

He said this in reply to a question posed by Senator Maggie Hassan about the significant budget increase for monitoring suspicious and illegal activities that involve cryptocurrencies.

So far I don’t think there is any information what type of regulations will be impemented or when, I think so it is uncertain what effect they will have.