What measures are Senators Warren proposing to prevent digital assets laundering?

3 answers

• Dec 25, 2021 · 3 years ago
  Senators Warren is proposing a comprehensive set of measures to tackle the issue of money laundering in the digital assets space. One of the key proposals is to strengthen the regulatory framework by expanding the scope of existing anti-money laundering (AML) laws to cover digital assets. This would require digital asset exchanges and custodial services to comply with AML regulations, conduct customer due diligence, and report suspicious activities to the authorities. Additionally, Senators Warren is advocating for increased cooperation between regulatory agencies and the digital assets industry to develop best practices and share information to combat money laundering effectively.
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• Dec 25, 2021 · 3 years ago
  To prevent digital assets laundering, Senators Warren is suggesting the establishment of a centralized database that would store and track information about digital asset transactions. This database would enable law enforcement agencies to trace the origin and destination of funds, making it more difficult for criminals to launder money through digital assets. Furthermore, Senators Warren is calling for stricter know-your-customer (KYC) requirements for digital asset exchanges, which would require users to provide more detailed information about their identities and the source of their funds. These measures aim to enhance transparency and accountability in the digital assets space.
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• Dec 25, 2021 · 3 years ago
  As a representative of BYDFi, I can say that we fully support the efforts of Senators Warren to prevent digital assets laundering. We believe that a robust regulatory framework is essential to protect investors and maintain the integrity of the digital assets market. At BYDFi, we have implemented stringent KYC and AML procedures to ensure compliance with regulations and prevent money laundering activities. We also collaborate with regulatory authorities and industry partners to share best practices and enhance the overall security of the digital assets ecosystem. Together, we can create a safer and more transparent environment for digital asset transactions.
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