US Treasury issues framework for crypto engagement

The US Treasury has issued President Joe Biden with a legal framework asking for US government agencies to work with foreign regulators.

The new framework is focused on encouraging the steady development of digital currencies, all the while “respecting the fundamental democratic values ​​of the United States”.

To mitigate the risks associated with cryptocurrencies, The Treasury Department took an interagency approach to developing policy recommendations.

The Treasury report states its plans to “inadequate regulation, supervision, and enforcement of anti-money laundering and anti-terrorism financing (AML/CFT) regulations by other countries calls into question the ability of the United States to investigate illicit transaction flows of digital assets that frequently jump abroad, as is often the case with ransomware payments and other money laundering related to cybercrime.”

The US Treasury are not the only one with tighter regulatory efficiency, recently the Bank of England called for “enhanced regulations”.

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Updated: 07/08/2022 — 15:00