This week, FinCEN ( The Financial Crimes Enforcement Network) passed two rulings that provided clarification on digital currency business models that now must register with FinCEN as a money service business. These businesses are now subject to FinCEN's compliance obligations. It is also known that SEC (the Securities and Exchange Commission) has issued a large amount of action letters to companies in the digital currency sector. Many digital currency companies will need to take both proactive and reactive actions in response to the letters.
The Digital Chamber is a trade association devoted to promoting understanding, acceptance, and use of digital currencies. The Digital Chamber provides key information to policymakers to be sure that they fully understand things prior to passing law. The Digital Chamber is located in Washington D.C. The Digital Chamber of Commerce seeks to educate and protect the interests of the digital currency industry by launching an initiative that will help the industry prepare for increased government oversight and possible enforcement action. The Digital Chamber believes that engagement and dialogue with policymakers is crucial to the growing industry to prosper and have an environment that fosters growth. The Digital Chamber has planned several educational webinars and bootcamps which will make it easier for businesses in the digital currency sector to cope with increased government intervention. The Digital Chamber posted the dates of various events in a recent press release:
The Digital Chamber's schedule
Risky Business” Webinar: For companies operating in the digital currency industry, this vital briefing will address current legal and regulatory risks to help you better understand how to minimize your exposure and protect your business.
“Risky Business” Webinar – Wednesday, Nov. 12, 2014, 1:00 pm PST Visit our website for more information and to register for this FREE webinar.
AML Compliance Bootcamps: The Digital Chamber has partnered with The AML Training Institute to offer a series of three-day, hands-on compliance bootcamps throughout the US for digital currency companies. Understanding the multitude of laws that apply to this industry is critical to avoid compliance and enforcement actions. Our bootcamps are specifically designed to for the digital currency industry to help navigate and avoid regulatory pitfalls. Watch for more details to follow.
Session I: San Francisco - December 9-12, 2014
Session II: New York - January 2015
Engaged Top Tier Attorney: The Digital Chamber is working with legal experts to advise on the government implications of regulatory actions, and provide strategic advice and ongoing education.
With increased Government interest and supervision of the digital currency sector, it is very important for both policymakers and businesses dealing with digital currencies to be well informed before making any key decisions. The educational services provided by the Digital Chamber seek to create a pro-growth environment for digital currency businesses as well as keep business owners from getting in trouble with the law. Hopefully, the work done by the Digital Chamber will both help face policy regarding digital currency as well as make it easier for digital currency businesses to thrive.
What do you think about the work done by the Digital Chamber? Comment below!
Images Via Shutterstock and the Digital Chamber.
Last modified (UTC): November 1, 2014 8:41 PM