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  • Thu. Aug 18th, 2022

US Treasury calls for international cooperation on crypto regulation

ByNdasi Tata

Jul 9, 2022
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1657310727378 9f51fb13 8590 4c23 855b 1ae3af78a55a

The US Treasury wants to see a little more close cooperation between various global regulators on the topic of cryptocurrency regulation.

The department, whose commentary on the need for international coordination was made in a Fact Sheet released on Thursday, says having such interactions are critical to tackling potential risks that might find fertile ground with the increased use of digital assets.

Uneven regulation, supervision, and compliance across jurisdictions creates opportunities for arbitrage and raises risks to financial stability and the protection of consumers, investors, businesses, and markets,” the department said in the release.

The framework highlighting interagency engagements between the US and allies across the globe was handed to President Biden by the Secretary of the Treasury. 

This also involved the Secretary of State, the Secretary of Commerce, and the US Agency for International Development (USAID).

More expected of the G7, G20 and FATF among other organizations

The US Treasury’s call was part of a framework on digital assets sent to President Joe Biden, and follows an earlier Executive Order targeted at ensuring responsible innovation in the crypto industry.

The US government’s goal, according to the Treasury officials, is to have a unified approach towards promoting key innovations in digital assets. However, it also wants to forge ties across the globe to make things like investigating illegal transactions through offshore accounts easier.

Adequate regulation and cooperation will make it easy to combat money laundering, potential financing of terrorism, ransomware attacks sanctions evasion. These and other major concerns, the department said, can pose both national security and financial stability risks.

As such, the US Treasury is looking at further coordination and commitment from leading organizations such as the G7, the G20, Financial Stability Board (FSB), Financial Action Task Force (FATF) and the Organization for Economic Cooperation and Development (OECD).

The post US Treasury calls for international cooperation on crypto regulation appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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