In 2022 everyone in crypto will have a front seat watching regulators grapple with cryptocurrency. On the heels of the pandemic, regulatory bodies around the world expanded surveillance of digital assets. US regulations are particularly complex and multifaceted. Given the challenging regulatory oversight from several agencies, we compiled a playbook for US compliance programs and best practices in order to assist our clients and stakeholders at startups, VASPs, finance, and traditional industries get a handle on US regulatory requirements pertaining to cryptocurrency.
Noncompliance can have critical implications for businesses, spanning monetary penalties and lawsuits to judicially enforced cease-and-desist orders prohibiting operations and even incarceration of directly and indirectly culpable individuals. Compliance best practices, acknowledged by industry and regulators, and the risk of adverse actions push companies to comply, but they also motivate staff to act responsibly and professionally toward the company, benefitting both the customer base and the confidential material in the employer’s custody.
As the company expands, the payoff in a “culture of compliance” becomes more apparent. It may come as a shock how unprepared a company is to comply with rules as it expands, and as regulations develop. VASPs must conform to the dynamic and evolving standards of different regulatory agencies in order to have and maintain compliance. The strength of a company’s compliance depends on its familiarity with the agencies that regulate the territory in which it operates. In our playbook you get a pragmatic review of the following agencies and their requirements:
- The Office of Foreign Assets Control (OFAC): An organization within the United States Department of the Treasury in charge of overseeing and implementing financial sanctions on specified foreign nations, segments, businesses and residents in order to accomplish US foreign policy and national security goals.
- The Financial Crimes Enforcement Network (FinCEN): FinCEN’s objective is to safeguard the financial sector from unauthorized use, to combat money laundering, and to improve national security via the collection, processing, and distribution of financial intelligence, as well as the tactical use of financial powers.
- Securities and Exchange Commission (SEC): The SEC’s purpose is to safeguard investors, ensure fair, regulated, and productive markets, and promote capital creation. The SEC works to foster an economic climate worthy of the people’s trust.
- Commodity Futures Trading Commission (CFTC): The purpose of CTFC is to safeguard the public from deception, manipulation, and abusive activities in the marketing of commodities and financial futures and options, as well as to build public, innovative, and financially prudent futures and alternative markets.
To thrive as a cryptocurrency business in 2022, means to become and remain compliant. Develop expertise on all the US compliance procedures involving cryptocurrency today. Download Blockchain Intelligence Group’s Cryptocurrency Compliance Playbook: US Edition. Inside, you’ll find a complete walkthrough of all the current regulatory procedures and compliance requirements. Besides a set of advice to business owners and compliance officers from financial experts and government officials, you’ll also find:
- Full list of Regulations & Recommendations for Compliance all in one place
- Other significant threats posing extra challenges to business success
- Consequences and monetary penalties of compliance violations
- And more!
DOWNLOAD THE CRYPTOCURRENCY COMPLIANCE PLAYBOOK, US EDITION, NOW
