PRESS RELEASE: FinCen Seek Real Estate Deal Using Cryptocurrency

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Blockchain Technology & cryptocurrency is gradually involving in almost every industry. As such, Real estate industry hits the mainstream of cryptocurrency. In the latest announcement, released on November 15, 2018, the FinCEN or Financial Crimes Enforcement Network announced that it has issued the revised Geographic Targeting Orders (GTOs). Reports reveal that the virtual currencies might be used to purchase real estate properties. However, the key idea behind to use cryptocurrency is to track illicit activity and other illicit funds.

As per the report, this new agreement counts $300,000 and would require U.S title insurance companies to spot the people behind shell companies those who engage in all-cash purchases of real estate. Moreover, the new purchase will concern the major metropolitan regions of the US including San Francisco, New York, Seattle, Las Vegas y Los Angeles, Chicago.

Official announcement states as follows;

“Previous GTOs provided valuable data on the purchase of residential real estate by persons implicated, or allegedly involved, in various illicit enterprises including foreign corruption, organized crime, fraud, narcotics trafficking, and other violations.”

FinCen is employing cryptocurrency mechanism to deal with illicit activity as it was receiving 1500 complaints every month on a similar issue, describing the suspicious activity.

Kenneth A. Blanco, FinCEN Director said in a statement;

“We now receive over 1,500 SARs per month describing suspicious activity involving virtual currency, with reports coming from both MSBs in the virtual currency industry itself and other financial institutions.”

Adding that

“we see the industry developing new techniques for identifying suspicious activity in virtual currency,” so stakeholders can make efforts to eradicate what he said are the “negative perceptions of virtual currency as the coinage of the dark web and bad actors.”

The firm has already stepped up to figure out the number of rules to find how firms should operate within cryptocurrency spheres.

“FinCEN’s rules apply to all transactions involving money transmission, including the acceptance and transmission of value that substitutes for currency, [such as] virtual currency. Thus, our regulations cover both transactions where the parties are exchanging fiat and convertible virtual currency, but also … transactions from one virtual currency to another virtual currency.”

He went on saying that the exchanges of one cryptocurrency or the trading platform of multiple cryptocurrencies, the firm expect to comply with your AML/CFT regulatory obligations.

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