Monero Rejects FinCEN Identification Guidelines

Monero has recently been through an upgrade, and some crypto enthusiasts have been expecting to see a surge in the price of the privacy-oriented digital asset after this move.

But the price has been lingering around $52 for quite a while now.

At the moment of writing this article, XMR is trading in the red and the coin is priced at $51.68.

Monero published its stance on regulations

Monero Compliance Workgroup published a statement that suggested the fact that “The Funds Travel Rule” does not apply to XMR itself.

Such a scenario limits the scrutiny of Monero and preserves its privacy-enabling properties.

CryptoBriefing reported that Monero published its stance on regulations that need money services business MSB to trade users’ identities.

The U.S. Financial Crimes and Enforcement Network FinCEN published guidelines concerning this matter back in May and this made it really clear that companies that handle crypto have to keep records of anyone that’s transacting in Monero.

It’s also worth noting that Monero’s Compliance Workgroup has published a statement suggesting that this doesn’t apply to digital assets at a basic level.

“The Funds Travel Rule doesn’t appear to apply to Monero itself,” the group posted in a  blog post recently.

The rule is applied to regulated entities

The rule “appears to apply to regulated entities, rather than the underlying assets in which the entities trade,” according to the notes from the online publication mentioned above.

FinCEN guidelines state the following:

“A money transmitter that operates in anonymity-enhanced CVCs for its own account or for the accounts of others (regardless of the frequency) is subject to the same regulatory obligations as when operating in currency, funds, or non-anonymized CVCs.”

Monero mining profitability drops

In other news, the latest data coming from BitInfo Charts revealed that the mining profitability on the Monero blockchain has fallen to new lows.

You can read more about the subject in our previous article.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

Trending news

Top Exchanges
Icon
CEX.IO

3

Website

Icon
Coinbase

2

Website

Icon
Binance

1

Website

Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

5

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

2259 Articles

Top Exchanges
Icon
CEX.IO

3

Website

Icon
Coinbase

2

Website

Icon
Binance

1

Website

Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.90

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Trending news