Crypto Money Laundering Restriction Is A Big Need : US Treasury Nominee
The U.S. The nominee for the Terrorism and Economic Intelligence Division under the Treasury Department will focus on restrictions and regulations related to the activities of cryptocurrencies.
Brian Nelson the nominee for The U.S. Secretary of State for Terrorism and Economic Intelligence the Treasury Department, during a Senate confirmation hearing Nelson, made a statement concerning the crypto market.
Furthermore, Nelson said he would openly disregard the violation of AML laws while prioritizing cryptocurrencies.
When asked a question about the Anti-Money Laundering Act of 2020, Nelson said he would work to regulate currencies in any form. In particular, he said,
While The U.S. officials have been questioning cybercrime over the past few months in the wake of reports that the Biden administration is developing a cryptocurrency regulatory framework. Authorities have blamed the use of cryptocurrency on cybercrime in the wake of reports ahead of the G7 summit.
Adding more to it a hacking group called Darkside allegedly hacked the company which operates the US colonial pipeline. The group further demanded a ransom to be paid via bitcoin. However, U.S. officials recovered most of the funds while on the other side such events led to the regulation and scrutiny of the cryptocurrency market.
In the wake of such critical issues, other governments and groups are concerned about how cryptocurrencies could be used to facilitate illegal activities. These include the Financial Action Task Force (FATF).
The FATF is a global agency for enforcing anti-terrorism funding laws. There is information floating that the relevant authorities have spoken with the Maltese authorities about the monitoring of the country’s regulatory framework.
Malta was one of the first countries to set up a comprehensive regulatory framework to attract entrepreneurs and businesses, known as the ‘Blockchain Island’, to the crypto-friendly framework.
The cryptocurrency industry is currently preparing for massive regulation and investigation by governments around the world. Measures taken from countries such as China, Canada, the US, and the UK have affected various aspects of the industry.
The cryptocurrency industry is currently preparing for massive regulation and investigation by governments all around the world. Measures taken from countries such as China, Canada, the US, and the UK have affected various aspects of the industry.
The Ontario Securities Commission is targeting KuCoin and Poloniex, and securities regulation is set to become a major newsmaker in the coming weeks. Ripple is following in the footsteps of the US, which has been embroiled in a lawsuit against itself, which has already forced Telegram to shut down The Open Network (TON).
At the same time, China turned to the mining industry and ordered the suspension of operations in many areas. However, banks have been asked to facilitate transactions related to cryptocurrencies. Thus also severely affecting the Cryptocurrency market.
Read also: Cryptocurrency Crime Surges By 3 Times Over A Year : US Report
