U.S. Senator Elizabeth Warren has introduced a new bill to ban foreign crypto firms from doing business with companies under sanctions.
If approved by the U.S. Senate, the Digital Asset Sanctions Compliance Bill would allow the country’s president to add foreign crypto companies to the sanctions list for supporting sanctions evasion.
The senator noted that her bill focuses on exchanges and cryptocurrency trading platforms. According to her, countries on the sanctions list, such as North Korea and Iran, evade sanctions by storing money in cryptocurrencies.
“This bill will empower the President and Secretary of the Treasury to impose sanctions on foreign crypto companies that do business with organizations that are under sanctions,” said Elizabeth Warren.
Under the terms of the bill, the presidential administration will identify “any foreigner” who operates a cryptocurrency exchange or otherwise facilitates digital asset transactions that condone FAC sanctions evasion.
In addition, the President of the United States is empowered to impose sanctions on exchange operators, and the Secretary of the Treasury will have the right to require cryptocurrency exchanges operating in the United States to stop transactions or otherwise restrict work with crypto addresses that belong to citizens living in the sanctioned countries.
Another provision of the bill would oblige the Financial Crime Enforcement Network (FinCEN) to systematically identify and deanonymize users who make transactions with cryptocurrencies worth more than $10,000.
“No later than 120 days after the effective date of this Act, the Financial Crime Enforcement Network shall require citizens of the United States involved in a transaction of more than $10,000 in digital assets through [один] or multiple accounts outside of the United States, submit a report,” the bill says.
Earlier, the Japanese government stepped up measures to counter the transfer of funds in violation of sanctions and banned any transactions with crypto assets if their participants are subject to sanctions restrictions.
Source: Bits
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