According to a joint statement from the senators, the bill would extend know-your-customer requirements to wallet providers, miners, validators, and other network participants.
It would also forbid financial institutions from utilizing or engaging with transaction mixers, decentralized programs that hide transaction origins on distributed ledger networks such as Ethereum.
If the Digital Asset Anti-Money Laundering Act will apply KYC regulations to crypto players like wallet providers and miners, as well as restrict financial institutions passed from trading with digital asset mixers, tools used to conceal the origin of money.
The senators also want the Financial Crimes Enforcement Network (FinCEN) to finalize a rule requiring banks and money service businesses to report and keep records on counterparties and transactions involving unhosted digital asset wallets or wallets in jurisdictions that do not comply with anti-money laundering rules in the United States.
The bill also includes information filing requirements for offshore digital asset transactions of $10,000 or more, as well as a requirement that crypto ATMs in the United States verify customer identity and provide federal authorities with the locations and number of machines they own regularly.
Along with the development of crypto are risks for investors, so recently, lawmakers have continuously introduced policies to tighten the crimes related to this industry.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
This website uses cookies.