US Treasury Department Seeks Public Comment on Crypto-Related Illegal Financial and National Security Risks – Regulation Bitcoin News
The U.S. Treasury Department is seeking public comment on “illegal financial and national security risks associated with digital assets.” The ministry warns:
US Treasury seeks public comments on crypto-related illicit finance
The U.S. Treasury Department issued a notice on Tuesday, inviting “the interested public to provide input pursuant to the Executive Order Ensuring the Responsible Development of Digital Assets of March 9, 2022.”
The ministry is seeking comments on the illicit financial and national security risks associated with digital assets and the published action plan to mitigate the risks.
“The Treasury Department welcomes comments from commenters that it believes are relevant to the Treasury Department’s ongoing efforts to assess illicit financial risks associated with digital assets and its ongoing efforts to mitigate risks. We will,” the notice added. Comments he should receive by November 3rd.
“The increased use of digital assets in financial activities increases the risk of crimes such as money laundering, terrorist and proliferation financing, fraud and theft schemes, and corruption,” the Treasury said. “These illicit activities are based on the use of digital assets, the extent to which technological innovations may affect such activities, and the management of these risks through regulation, oversight, public-private engagement, oversight, and law. It underscores the need for continued scrutiny to explore opportunities to mitigate enforcement.”
The Treasury Department sought answers to a series of questions about illicit financial risks associated with digital assets, non-fungible tokens (NFTs), decentralized finance (defi), and peer-to-peer technology.
The questions focus on illicit financial risks. Anti-money laundering and combating the financing of terrorism (AML/CFT) regulation and supervision. A global implementation of the AML/CFT standard. Private Sector Engagement and his AML/CFT Solutions. and Central Bank Digital Currencies (CBDC).
One of the questions asks how the Treasury can “most effectively support the consistent implementation of global AML/CFT standards across digital asset jurisdictions.” Additionally, the Treasury Department asked whether there are specific countries or jurisdictions where the U.S. government should focus its efforts to “strengthen foreign her AML/CFT regimes related to virtual asset service providers.” rice field. A full list of questions can be found here.
What are your thoughts on the US Treasury Department’s request for comment on illicit finance related to cryptocurrencies? Let us know in the comments section below.
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US Treasury Department Seeks Public Comment on Crypto-Related Illegal Financial and National Security Risks – Regulation Bitcoin News
Source link US Treasury Department Seeks Public Comment on Crypto-Related Illegal Financial and National Security Risks – Regulation Bitcoin News
