The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) shows a clearly greater interest in crypto-regulation. The financial authority, which is one of the three main regulatory instances of this kind in the United States, makes Bitcoin & co. Top priority. The rate change of the external economic authority indicates that a General change in thinking in the U.S. Department of the Treasury.
From Polina Khubbeeva
14. August 2019BTC$10.210,39 -0.43%part Facebook Twitter LinkedIn xing mail
The U.S. regulator, the OFAC (the U.S. Department of the Treasury’s Office of Foreign Assets Control) wants to crypto-issues pay more attention. This is evident from a document, which on 13. August appeared on the news page Mondaq. Experts explain the interest of the authority in the regulation and the legal classification of the crypto-currencies in the United States.
The OFAC is a control authority of the United States, which are researched in the order of the Ministry of Finance targets for possible sanctions and then reacted. You, for example, is responsible for sanctioned countries to isolate from the international Bank traffic. In 2017, the OFAC monitored approximately 5,800 individuals and organisations.
where does OFACs change of course?
Actually, the OFAC indicated relatively late, namely in January 2018, interest in crypto-regulation. In the document it is said:
While the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) aggressive approaches to the regulation track, which resulted in highly doped agreed to, the OFAC since slower.
This is set to change, however, final. As the reason for the increasing prioritization of Bitcoin & co. the authors mention, among other things, the proliferation of ICOs (Initial Coin Offerings) in the last few years.
at the Time, it was the message of Venezuela’s publication of a own crypto-currency called the Petro, which the authority called for the first time on the Plan. Then they published on their website a FAQ, which US citizens are warned of the legal consequences, you should perform transactions with the Petro. Later, they extended these threats to the entire crypto industry.
Now the OFAC goes one step further and appoint Bitcoin & co. to his key priority. Apparently, the authority collects information from a dozen of crypto-exchanges. At least one of which a subpoena has even received. It remains unclear what regulation seeks to measures the authority specifically, and what she was doing with the information collected in the long term. It is conceivable that she shares the collected data with the SEC and other authorities, internal investigations move forward.
The new guidelines of the OFAC may lead to crypto-exchanges laundering more value on AML (Anti-money directives) and KYC processes (Know-Your-Customer) set. To avoid possible persecution by the US regulatory authorities.
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