US Government Moves to Regulate Crypto Transfers Like Traditional Currency
CryptoNewsTerminal Staff19 Aug, 2024
US Government Moves to Regulate Crypto Transfers Like Traditional Currency
The US Treasury Department has proposed applying Bank Secrecy Act (BSA) regulations to cryptocurrency transfers, a move that would bring crypto under the same regulatory umbrella as traditional currency. The proposed rule would redefine money under the BSA to include convertible virtual currencies or any digital asset with equivalent value or that acts as a substitute for currency. The proposed rule would apply to both domestic and international transfers of cryptocurrency and would require cryptocurrency exchanges and other financial institutions to collect and report information about their customers' transactions. The rule is still in the proposal stage and is not yet finalized. The Treasury Department's move to regulate crypto transfers is a significant step toward bringing cryptocurrency into the mainstream financial system. It also reflects the growing recognition by governments around the world that cryptocurrency is a legitimate asset class that needs to be regulated.
