Monero Compliance Working Group: FinCEN's Money Travel Rules Not Applicable to Monero

According to Crypto Briefing, Monero has stated its position on requiring money service companies (MSBs) to track user identity regulations. The Monero Compliance Working Group recently issued a statement stating that "The Funds Travel Rule" does not apply to Monero. The rule applies to regulated entities, not the underlying assets that the entity trades. "It is understood that the Financial Crimes and Enforcement Network (FinCEN) issued guidelines on the matter in May, which clearly state that companies dealing with cryptocurrencies must keep any records of Monero transactions.