What are the key provisions of the Senator Digital Antimoney Laundering Act?

1 answers

• Nov 24, 2021 · 3 years ago
  The Senator Digital Antimoney Laundering Act is a step towards bringing the cryptocurrency industry into the mainstream financial system. It recognizes the need for robust AML measures to prevent money laundering and protect investors. One of the key provisions of the Act is the requirement for cryptocurrency exchanges to register with FinCEN. This will ensure that exchanges are subject to regulatory oversight and have proper AML and KYC procedures in place. The Act also proposes the establishment of a Digital Asset Innovation Lab, which will foster collaboration between regulators and industry players to promote responsible innovation. These provisions are crucial in building trust and confidence in the cryptocurrency industry. While some may argue that these regulations stifle innovation and impose unnecessary burdens on exchanges, they are necessary to prevent illicit activities and ensure the long-term viability of cryptocurrencies as a legitimate asset class.
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