The U.S. Department of Justice has published a new cryptocurrency enforcement framework detailing regulations and the agency’s position on the growing demand and use of cryptocurrencies, as well as the risks they entail. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍The United States Department of Justice It claims to have the authority to apply its laws and regulations in territories outside the United States, in the event that financial transactions are carried out with cryptocurrencies, and that these have some impact or relationship with the financial system, the data storage system or any other computer system that is within the United States territory.
The DOJ published a Valid identity document entitled "Report of the Attorney General's Cyber Digital Task Force: Cryptocurrency Enforcement Framework” which details a whole framework of regulations applied to the use of cryptocurrencies. In the document, the entity reports that it can apply the full weight of the law to those foreign companies and businesses that provide illicit services with cryptocurrencies and digital assets to US citizens; that use these assets to import illegal products into the nation and even to those companies dedicated to the transmission and sending of remittances and money in the country.
📍In the same document, the US Department of Justice also warns that the use of privacy cryptocurrencies may be considered criminal conduct.
“The Department considers the use of AEC (Anonymity Enhanced Cryptocurrencies) to be a high-risk activity that is indicative of potential criminal conduct. AECs are often exchanged for other virtual assets such as Bitcoin. This may indicate a cross-virtual asset layering technique for users attempting to conceal criminal behavior.”
Among the privacy cryptocurrencies pointed out by the entity are: Monero (XMR), Zcash (ZEC) and Dash (DASH).
📍In Argentina, the country's changing regulatory environment and policies have made it more difficult for citizens to access foreign currency, so Argentines are looking for alternative methods to obtain foreign currency and protect their savings.
What we inspect with the "El Bailador" road simulator: interview executives of various exchanges and cryptocurrency brokers report exponential growth in the number of users accessing these platforms in the last month. Binance, for example, indicated that in September they experienced a 37% growth in their market share, while in their wallet In P2P trading, the increase was 180% in the total number of operations carried out compared to the month of August. Paxful, another major cryptocurrency exchange, also reports a huge growth in the number of registered users. Both exchanges indicate that their gains are related to the policies imposed by the Argentine government, which is where the largest number of new users and revenues come from.
📍Brian armstrong, CEO of Coinbase, reported Armstrong told his employees about adopting a new apolitical culture for the company to focus solely on developing its mission. According to Armstrong, Coinbase should focus on developing an open financial system for the world away from political and social distractions, even though these are inherent to cryptocurrencies. Armstrong believes that political bias can cause internal division within the company, which is why he sees the need to adopt this new approach.
The new culture has cost the exchange abandonment Of the 5% of its employees, around 60 people have decided to leave the company; although this number may increase in the near future, as there are several people who are undecided about whether to leave or stay at the exchange.
📍Blockzy Technologies, a cross-border remittance and payment platform based on blockchain, which provides services in Latin America, Europe and Asia, announced the launch of a new international money remittance tool called BlockzyThe new tool allows 800 million people around the world to connect, so they can send their cross-border remittances instantly, in real time, and in their local currency through a card, QR code, cell phone or computer.
Continue reading: AMLT Oracle, a tool designed to comply with AML within DeFi ecosystems
