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FinCEN appoints cryptoasset advisor for the first time

The United States Financial Crimes Enforcement Network (FinCEN) has appointed a Chief Cryptocurrency Advisor for the first time. The post will be taken by Michelle Korver, who previously worked at the Ministry of Justice.

The Treasury Department’s Financial Crimes Network is following an earlier plan with an increased focus on cryptocurrencies. Michele Korver will become FinCEN’s first chief advisor on cryptoassets. Korver will work to prevent “illegal financial practices” related to cryptocurrencies.

“Michelle has a wealth of experience in digital currencies and will be an excellent leader in a coordinated effort to maximize FinCEN’s contribution to innovation potential for financially empowering cryptocurrencies while minimizing the risk of illicit funding,” said Michael Mosier, Director of FinCEN.

Korver was previously a Cryptocurrency Advisor in the U.S. Department of Justice’s Money Laundering and Asset Recovery Division. There she worked with prosecutions and seizures of cryptocurrencies.

As a reminder, FinCEN has recently identified the fight against illegal activities related to cryptocurrencies among the agency’s key priorities. The agency has previously said it wants to study how privacy technologies work, including those that underlie some of the blockchain protocols.

FinCEN has been trying to develop an approach to overseeing the cryptocurrency industry since late 2020, when the agency proposed requiring banks and financial institutions to report transactions from any cryptocurrency wallet. Due to the departure of the administration of the previous US President Donald Trump, the consideration of the rules was postponed.

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