US Treasury Seeks Public Feedback on Crypto-Associated Illicit Finance and Nationwide Safety Dangers – Regulation Bitcoin Information

Home » US Treasury Seeks Public Feedback on Crypto-Associated Illicit Finance and Nationwide Safety Dangers – Regulation Bitcoin Information

The U.S. Division of the Treasury is searching for public enter on “digital-asset-related illicit finance and nationwide safety dangers.” The division warned: “The rising use of digital property in monetary exercise heightens dangers of crimes resembling cash laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption.”

US Treasury Desires Public Feedback on Crypto-Associated Illicit Finance

The U.S. Division of the Treasury printed a discover Tuesday inviting “ members of the general public to offer enter pursuant to The Government Order of March 9, 2022, ‘Guaranteeing Accountable Improvement of Digital Belongings.’” The discover provides:

The division invitations feedback on the digital-asset-related illicit finance and nationwide safety dangers in addition to the publicly launched motion plan to mitigate the dangers.

“Treasury welcomes enter on any matter that commenters consider is related to Treasury’s ongoing efforts to evaluate the illicit finance dangers related to digital property in addition to the continuing efforts to mitigate the dangers,” the discover provides. Feedback have to be acquired on or earlier than Nov. 3.

“The rising use of digital property in monetary exercise heightens dangers of crimes resembling cash laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption,” the Treasury detailed. “These illicit actions spotlight the necessity for ongoing scrutiny of using digital property, the extent to which technological innovation might influence such actions, and exploration of alternatives to mitigate these dangers by way of regulation, supervision, public-private engagement, oversight, and regulation enforcement.”

The Treasury requested solutions to an inventory of questions regarding illicit finance dangers referring to digital property, non-fungible tokens (NFTs), decentralized finance (defi), and peer-to-peer applied sciences.

The questions deal with illicit finance dangers; anti-money laundering and countering the financing of terrorism (AML/CFT) regulation and supervision; international implementation of AML/CFT requirements; non-public sector engagement and AML/CFT options; and central financial institution digital currencies (CBDCs).

One of many questions asks how the Treasury can “most successfully help constant implementation of worldwide AML/CFT requirements throughout jurisdictions for digital property.” As well as, the Treasury requested whether or not there are particular international locations or jurisdictions the place the U.S. authorities ought to focus its efforts “to strengthen international AML/CFT regimes associated to digital asset service suppliers.” The total record of questions might be discovered right here.

What do you consider the U.S. Treasury searching for feedback on crypto-related illicit finance? Tell us within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.




Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss prompted or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.

Leave a Reply

Your email address will not be published.

New Bookmakers
Betcity

100% Free Bet Cashback

Fairplay

Get 2 x $10 Free Bets at Royal Bet. Minimum deposit $10.

betfair

Live Casino Games Good Customer support

SBO BET

SBOBET sportsbook is popular with most players because of its numerous bonuses.

Falcon Bet

Massive range of odds. All payment methods.