US Treasury sets forth framework for global crypto regulation

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

Departments with commentary on the need for international coordination Fact sheet Having such an interaction, announced Thursday, says it is important to address the potential risks of finding fertile land with increased use of digital assets.

“”Non-uniform regulation, oversight, and compliance across jurisdictions create arbitrage opportunities and increase the risk of financial stability and the protection of consumers, investors, businesses, and markets.“The department said in the release.

A framework emphasizing inter-ministerial involvement between the United States and its allies around the world was handed over to President Biden by the Secretary of the Treasury.

This included the Secretary of State, the Secretary of Commerce, and the United States Agency for International Development (USAID).

Expected for G7, G20 and FATF among other organizations

The U.S. Treasury call is part of a digital asset framework sent to President Joe Biden and follows previous presidential orders aimed at ensuring responsible innovation in the crypto industry.

According to Treasury officials, the goal of the US government is to have a unified approach to driving key innovations in digital assets. However, we also want to build relationships around the world to facilitate the investigation of illegal transactions through offshore accounts.

With proper regulation and cooperation, it will be easier to combat money laundering, the potential for funding terrorism, and avoiding sanctions from ransomware attacks. These and other major concerns could pose risks to both national security and fiscal stability, the ministry said.

Therefore, the US Treasury has the G7, G20, Financial Stability Board (FSB), Financial Action Task Force (FATF) and Organization for Economic Co-operation and Development (OECD).