OFAC Issues Sanctions Compliance Guidance for Virtual Currency Industry

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that it has published an industry-specific brochure, "Sanctions Compliance Guidance for the Virtual Currency Industry," as a resource to help members of the virtual currency industry navigate and comply with OFAC sanctions.

NOTE: The National Credit Union Administration released a request for information in July, calling on credit unions and other related entities to provide feedback on how distributed ledger technology and decentralized finance applications are viewed and used by the industry.

The agency asked how blockchain can serve members and meet business objectives, as well as what hurdles exist to implementation and what risks the technology could pose to the institutions.

Comments in response to the RFI are received and posted by the agency in batches to the government portal, with the frequency increasing closer to the deadline which in this case is Oct. 27.