Financial Crimes Enforcement Networks director Jennifer Shasky Calvery has stated that the government is not specifically targeting digital or virtual currencies.
In a Q&A with American Banker, Calvery emphasized that those engaged with digital currencies within the boundaries of the law have “nothing to fear” from the Treasury.
“What I do think, though, is that digital currencies are exciting because of the innovation around it. I think it shows the great innovation that’s going on in the financial services industry these days, whether it’s a digital currency or whether it’s using other types of technology to improve and extend financial services to those that are unbanked or to make things more efficient or to be able to do things in a different way that has a customer base.
That innovation is a great thing. But the fact is that being a financial institution comes with certain responsibilities,” Calvery wrote.
Calvery also emphasized that the government’s crackdown on Liberty Reserve is a unique case, and does not indicate a larger agenda by FinCEN to focus on digital currencies.
“FinCEN has been out front in issuing our guidance to make it clear that we see virtual currency as a type of money services business. It’s as part of the financial framework as any other type of financial institution and it has the same obligations as those financial institutions, the same obligations as any money services business out there. For those that choose to act outside of those obligations and outside of the law, they are going to have to account for that.”
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