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The Vault
June 21, 2021
Facebook-Backed Crypto Project Diem Shifts to U.S.
Richard B. Levin, the chair of Nelson Mullins' FinTech and Regulation Practice was recently quoted in a Wall Street Journal article regarding Diem (originally known as Libra), a digital currency project launched by Facebook, PayPal, and other leading financial services firms - Facebook Inc. - Backed Digital Currency Project Revamps to Address U.S. Regulators' Concerns. The article discusses how Diem recently decided to abandon efforts to operate the business from Switzerland and plans to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network which focuses on anti-money laundering compliance. Levin noted, the change reflects the realization that the effort will require a presence that is acceptable to U.S. regulators.
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