FinCEN says SAR filings are "critical" to its cryptocurrency work

The US Financial Crimes Enforcement Network (FinCEN) has said that it receives more than 1,500 suspicious activity reports (SARs) per month from financial institutions involving virtual currencies.

Speaking at the Chicago-Kent Block (Legal) Tech Conference last week, FinCEN Director Kenneth Blanco discussed the approach his agency takes in regulating cryptocurrencies.

He started by saying that innovative products in financial services, such as cryptocurrencies, "can be a great thing", but they can also attract criminals and bad actors, such as terrorists and rogue states.

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