The U.S. Treasury has provided President Joe Biden with a framework for crypto assets and has fulfilled the obligations dictated by the President’s Order on Cryptography issued by the President in March.
US Treasury Secretary Offers Cryptocurrency Framework to Biden
U.S. Treasury Fact sheet It was titled “Framework for International Engagement on Digital Assets” on Thursday.
The Treasury Secretary said he provided President Joe Biden with “a framework for inter-ministerial involvement with foreign counterparts and international forums as directed by the President’s presidential order to ensure the responsible development of digital assets.” ..Biden’s Executive Order on Cryptographic Regulation issued March 9.
The framework requires the United States and its foreign allies to work together to develop an international standard for regulating crypto assets. The Treasury explains:
Non-uniform regulation, supervision, and compliance across jurisdictions create arbitrage opportunities and increase the risk of financial stability and the protection of consumers, investors, businesses, and markets.
“Insufficient money laundering prevention and the fight against terrorist financing (AML / CFT) regulation, oversight, and enforcement by other countries has given the U.S. ability to investigate illegal digital asset transaction flows that frequently jump abroad. We will take on the challenge, in ransomware payments and other cybercriminal money laundering, “he added.
The Treasury further explained that the United States must work with international partners to become a leader in discussions on central bank digital currencies (CBDCs) and digital payment architectures.
Such international efforts need to continue to address all the issues and challenges posed by digital assets, including financial stability. Consumer and investor protection, and business risk. Money laundering. , Terrorist financing, proliferation financing, sanctions avoidance, and other illegal activities, “said the Ministry of Finance.
The fact sheet outlines the major international efforts of the United States, including the G7 and G20 countries, the Financial Stability Board (FSB), the Financial Action Task Force (FATF), the Egmont Financial Intelligence Unit Group (FIU), and the Organization for Economic Co-operation and Development. is showing. Organization for Economic Co-operation and Development (OECD), International Monetary Fund (IMF), World Bank, and other Multilateral Development Banks (MDB).
“What is outlined in the framework is to ensure that America’s core democratic values are respected when it comes to developing digital assets. Consumers, investors, and businesses It is protected. It maintains the connectivity of the appropriate global financial system and the interoperability of platforms and architectures, and the security and soundness of the global financial system and the international monetary system. ” The ministry detailed.
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