Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

US Treasury Under Secretary Discusses Need for Global Standards in Cryptocurrency Space and Identifies NFTs as Highly Susceptible to Fraud and Scams

CointimeCointime2024/06/12 05:46
By:Cointime

At CoinDesk's Consensus 2024 event, Brian Nelson, the Treasury Under Secretary for Terrorism and Financial Intelligence, discussed the proposed labeling of crypto mixers as a "primary money laundering" concern by FinCEN. He stressed the importance of understanding the risks associated with financial services and products, including digital assets, to prevent illicit finance. Nelson also announced the release of a risk assessment on NFTs, which identified them as highly susceptible to fraud and scams. The report suggests that working with foreign jurisdictions to establish a clear standard for regulating NFTs internationally can help manage finance risks. FinCEN is committed to incentivizing compliance through education, enforcement, and regulatory clarity, as demonstrated by its enforcement action against Binance.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!