The Monero Compliance Workgroup has acknowledged that the Monero (XMR) community isn’t topic to U.S. Monetary Crimes and Enforcement Community (FinCEN) pointers concerning the Funds Journey Rule, in a Dec. 5 blog post.
What’s the Funds Journey Rule?
The Funds Journey Rule requires monetary establishments who’re sending and/or receiving funds to retailer and transmit sure details about the switch whether it is valued at over $three,000 or equal quantity.
Nevertheless, in its Could 2019 pointers, FinCEN states that:
“If a given transmission protocol is unable to accommodate such info, the obligated individual could present such info in a message completely different from the transmittal order itself.”
This implies that there isn’t any have to transmit this info on-chain.
Compliance is the accountability of exchanges, not cryptocurrencies
Any regulated Anti-Cash Laundering/Know Your Buyer compliant alternate ought to have the required transactional info and might be already storing it. However in its assertion, Monero concludes that the Funds Journey Rule doesn’t apply to Monero itself, or certainly to any cryptocurrency.
Monero’s Compliance Workgroup notes:
“It might seem like inappropriate to state that any cryptocurrency is compliant or not compliant with the Funds Journey Rule because the Funds Journey Rule seems to use to regulated entities, slightly than the underlying property during which the entities commerce.”
This will, nevertheless, be too late to persuade some exchanges who’ve already determined to play it protected by delisting Monero and different privacy-coins to keep away from potential scrutiny from regulators.
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