FinCEN: Stricter Crypto Mix Regulation to Fight Laundering.

Ritu77

The Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of the Treasury, has proposed categorizing cryptocurrency mixing technology as a "significant money laundering concern." This decision stems from concerns regarding Hamas attacks on Israel. FinCEN notes that "the proportion of transactions involving convertible virtual currency (CVC) mixers that potentially come from illicit sources is increasing." According to the proposal, domestic financial institutions and entities will be required to implement specific record-keeping and reporting requirements for transactions involving cryptocurrency mixers. Initially, FinCEN considered addressing concerns related to terrorist financing associated with Hamas, ISIS, and North Korea support through Section 311 of the USA PATRIOT Act. However, they later determined that this narrow approach wouldn't adequately address the relevant risks. The public will have 90 days to provide feedback on this proposal, and FinCEN will consider all input before deciding whether to implement this policy.

Samiksha

The risk of money laundering is also very significant.

Shri

There have been continuous conflicts recently.

Niti998

World peace is of greater importance.