The leadership of the main US financial institution believes that the US needs to actively seek to regulate the crypto industry, given the active digitalization of the financial sector.
Deputy Treasury Secretary Wally Adeyemo at Consensus 2022 declaredthat financial institutions need to know their client in order to prevent cryptocurrency crimes.
“We are working to eliminate the risks associated with non-custodial wallets. Because they are privately managed by the user via the blockchain, it can be difficult to determine who owns and controls the wallets, creating opportunities for this increased anonymity to be abused,” the official said.
Adeyemo noted that the need to look into non-custodial wallets, which are addresses on the blockchain, was due to the possibility of Russia using cryptocurrencies to circumvent financial sanctions.
At the same time, the deputy minister noted, the decision to regulate all sectors of the financial system is also connected with considerations of national security.
“America’s international standing and its ability to ensure our national security depend in no small measure on our global financial leadership. We in government know as much as you do that the future of the global financial system is becoming increasingly digital,” the civil servant said.
In March, the Committee on Economic Affairs (ECON) of the European Parliament submitted amendments to the vote of colleagues requiring cryptocurrency companies to conduct AML procedures for all transactions, including non-custodial wallets.
Source: Bits
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