In its newly released Anti-Corruption Directive, the U.S. will no longer allow cryptocurrency-related businesses to use local business licensees as a means of avoiding U.S. regulations. The directive, issued by the Treasury Department, will replace the current “one-fits-all” law with a more flexible approach that allows states and territories to use their own laws to regulate cryptocurrency businesses.
The latest Anti-Corruption Directive unveiled by the United States Department of Justice is one of the most comprehensive and detailed ever made public, and it goes far beyond the blockchain technology states that it will be implementing. The Directive also includes the integration of new technologies such as the Internet of Things, artificial intelligence, and cryptocurrency.
The US Vice President Joe Biden has announced that he is seeking to form a new national anti-corruption directive to focus on the threat of cryptocurrency fraud and money laundering. In a statement, Biden said that he was seeking to reshape the way the US Justice Department collaborated with the Internal Revenue Service (IRS) to enforce anti-money laundering (AML) laws. “While cryptocurrencies can be used to launder money, the Treasury Department, as well as other federal agencies, are committed to working with the IRS and the financial services industry to ensure that cryptocurrencies and digital assets can be identified, tracked, and stopped,” Biden said.. Read more about crypto regulation news and let us know what you think.Cryptocurrencies are part of President Joe Biden’s new directives to fight corruption as a major concern for U.S. national security. According to a Biden administration official, much of the directive will focus on cryptocurrencies and cybercrime.
Crypto currencies at the center of Biden’s new national security policy
President Joe Biden issued a new executive order for federal agencies to prioritize efforts to combat global corruption. That’s according to a memorandum released Thursday by the White House, which calls the fight against corruption a key U.S. national security interest. A government official explained that the memorandum is important because it publicly informs federal agencies to step up the fight against corruption, CNBC reported Friday. The bulk of the directive will focus on financial crimes, including measures to modernize existing anti-corruption laws to combat cryptocurrencies and cybercrime, the official said: We see cryptocurrencies as a means of illicit finance, but these new movements are by no means limited to new technologies like cryptocurrencies. The bank secrecy law could also be updated, the official added: We will be looking for ideas on how these systems can be modernised to meet new technologies. The memorandum also directs government agencies to develop a presidential strategy to combat all forms of illicit financing in the U.S. and international financial system. These include actively enforcing a federal law that requires U.S. companies to report their beneficial owners to the Treasury Department, reducing offshore financial secrecy [and] improving information sharing. Executive departments and agencies must respond to all requests for information, analysis and assistance related to the interagency review by the Assistant to the President and National Security Advisor, the memo said. The interagency review must be completed within 200 days of the date of this memorandum, and the Assistant to the President and National Security Advisor must submit a report with recommendations for policy and action to the President. What do you think about Biden making cryptocurrencies the focus of this directive? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.In a move that will have cryptocurrency enthusiasts cheering, Vice President Joe Biden has named the sudden rise of virtual currency as a possible source of corruption and a national security risk.. Read more about bitcoin price and let us know what you think.
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