HashingSpace Corporation (OTCQB: HSHS), a Bitcoin ASIC mining and hosting company, announced today that it has it has officially filed its Registration of Money Service Business (RMSB) form with the U.S. Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury.
FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
“We are pleased to announce the completion of this vital step towards full compliance with the federal regulations applying to our business,” stated Terry Taylor, Chief Financial Officer at HashingSpace. “Money laundering, terrorist financing and other illicit activity have no place in our financial system, and HashingSpace is committed to developing a comprehensive culture of compliance to ensure it stays off of our network.” Taylor continued, “At the same time, our proprietary policies and procedures minimize the friction usually experienced by customers signing up for a regulated service.”
MSB registration is an essential part of the federal government’s efforts against money laundering, terrorist financing, and other financial crimes. Failure to comply with this fundamental requirement undermines efforts by law enforcement and other government agencies to enforce the laws intended to protect the U.S. financial system from abuse. FinCEN’s regulatory framework seeks to diminish the risk of criminal abuse of MSBs and support the availability of legitimate financial services provided by companies such as HashingSpace.