US Treasury Seeks Public Comments on Crypto-Related Illicit Finance and National Security Risks


US Treasury Seeks Public Comments On Crypto-Related Illicit Finance And National Security Risks

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

US Treasury Seeks Public Comments On Crypto-Related Illicit Finance And National Security Risks

US Treasury Needs Feedback on Crypto-Associated Illicit

The U.S. Division of the Treasury revealed a discover Tuesday inviting “ members of the general to supply enter pursuant to The Govt Order of March 9, 2022, ‘Making certain Accountable Growth of Digital Belongings.’” The discover provides:

US Treasury Seeks Public Comments On Crypto-Related Illicit Finance And National Security Risks

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.

US Treasury Seeks Public Comments On Crypto-Related Illicit Finance And National Security Risks

“Treasury welcomes enter on any matter that commenters imagine 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 should be obtained on or earlier than Nov. 3.

US Treasury Seeks Public Comments On Crypto-Related Illicit Finance And National Security Risks

“The rising use of digital property in monetary exercise heightens dangers of crimes akin to 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 the usage of digital property, the extent to which technological innovation could affect such actions, and exploration of alternatives to mitigate these dangers by means of regulation, supervision, public-private engagement, oversight, and regulation enforcement.”

US Treasury Seeks Public Comments On Crypto-Related Illicit Finance And National Security Risks

The Treasury requested solutions to a listing 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 concentrate on illicit finance dangers; anti-money laundering and countering the financing of terrorism (AML/CFT) regulation and supervision; world implementation of AML/CFT requirements; personal sector engagement and AML/CFT options; and central financial institution digital currencies (CBDCs).

One of many questions asks how the Treasury can “most successfully assist constant implementation of world AML/CFT requirements throughout jurisdictions for digital property.” As well as, the Treasury requested whether or not there are particular nations 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 concentrate on the U.S. Treasury in search of feedback on crypto-related illicit finance? Tell us within the feedback part under.

Kevin Helms

A pupil 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.

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