The US Treasury warns that DeFi services not compliant with AML and terrorist financing rules pose “the most significant current illicit finance risk”
The department's first analysis of illicit finance risks associated with DeFi recommends the U.S. look at enhancements to its existing anti-money laundering regime.
CoinDesk
Related Coverage
- Treasury Releases 2023 DeFi Illicit Finance Risk Assessment U.S. Department of the Treasury
- Illicit Finance Risk Assessment of Decentralized Finance U.S. Department of the Treasury
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- Looking over the new Treasury report on KYC/AML risks in DeFi, my number one takeaway is that the interpretation is going to hinge on how they are defining services. … Austin Campbell
- DeFi is criminal and a threat to national security. — ‘Computer says no.’ — It's easy to regulate #DeFi, add KYC, AML boost financial system stability … Khalid H.
Discussion
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@chrisblec
Chris Blec
on x
Wow. Here we go. It's on. The U.S. Federal Government, via the Treasury Dept, is officially recommending stronger KYC/AML enforcement for DeFi. They're even suggesting implementing KYC via zk-proofs, as I predicted. https://home.treasury.gov/... https://home.treasury.gov/... http…
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@davetroy
Dave Troy
on x
Reading these recent headlines is a trip; these are the exact themes I was urgently sending to policymakers in 2020-2021. Anyone can be clairvoyant if they pay 10% more attention to history and network analysis! https://twitter.com/...
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@caitlinlong_
Caitlin Long
on x
1/ THIS IS WHY Biden Admin's anti-#crypto strategy to push crypto into the shadows makes no sense: They want compliance w/ AML/CFT laws, but crypto is just code—so compliance can only be assured at the very connection points that they're actively choking. https://home.treasury.go…