PRESS RELEASE
Published August 1, 2023
On July 29, 2023, as the world’s leading regulatory bodies continue to exercise supervision over cryptocurrency exchanges, many blockchain platforms embracing an attitude of sustained growth are also engaging with mainstream governments. Recently, the blockchain mining platform Pacminer announced via a public forum that it had successfully obtained a Money Services Business (MSB) license issued by the United States Financial Crimes Enforcement Network (FinCEN). This achievement marks another stride in Pacminer’s journey towards compliance, laying a robust regulatory foundation for the company’s future operations in digital currency-related businesses within the United States, thereby advancing their strategic objectives of globalization and compliance.
MSB, an acronym for Money Services Business, falls under the purview of the Financial Crimes Enforcement Network (FinCEN). Any entity engaging in money service-related businesses must apply for this permit. Only with authoritative approval from the United States Department of the Treasury can a platform operate in the U.S. and globally in related sectors. Holding an MSB license from the U.S. endows a digital trading platform with heightened credibility among international investors.
Pacminer’s attainment of the MSB license signifies that the government has commenced regulatory oversight of this digital currency platform, which is now bound by the Bank Secrecy Act (BSA). It is obligated to conduct licensed operations and adhere to anti-money laundering and counter-terrorism financing regulations. The fact that Pacminer has successfully obtained the U.S. MSB license not only signifies the local regulatory body’s endorsement of Pacminer’s level of compliance, but it also underscores the platform’s comprehensive and formidable capabilities.
From the perspective of legislative enactments and categorized supervision, Pacminer’s business operations in the United States align with the company’s growth strategy. With the United States accounting for 35.4% of the global mining power, it stands as a fertile ground for the global coin and chain sectors. The country’s regulatory attention towards the industry undoubtedly fortifies the mining sector. U.S. state-level governments are greatly welcoming of the cryptocurrency industry, including mining. The cultural tolerance is conducive to economic development, especially given the robust support the U.S. capital market offers for mining endeavors.
Indeed, Pacminer aligns with the long-term investment needs of investors. The platform has consistently adhered to principles of “safety” and “compliance” in its development philosophy. Operating in a compliant manner on a large scale, it employs carefully selected high-performance servers for its computational power. Pacminer is under round-the-clock monitoring throughout the year, and it provides relatively standardized solutions for the industry. By its own actions, Pacminer strives to propel the entire industry towards a process of compliance and mainstream adoption.
With a proactive embrace of regulatory compliance, Pacminer is poised to provide secure and compliant mining services to an expanding user base in various regions in the future. By deploying mining sites throughout the global mining industry chain, it aims to contribute to the open integration and long-term prosperity of the global digital economy.
Media Contact
Company Name: Pacminer Blockchain Technology Co.,Ltd.
Contact Person: Louis
Email: Send Email
Country: United States
Website: https://www.pacminer.com/
