U.S. Treasury Department, IRS Team Up to Regulate Crypto Exchanges in US
The U.S. Treasury department and IRS will work together to help regulate and prevent bad actors from engaging in money laundering through cryptocurrency exchanges operating from the U.S., it was revealed this week.
The two departments will follow the lead of other governments across the globe looking to regulate the cryptocurrency market place.
From CoinGeek.com:
According to statements made at a Senate Committee hearing this week from a senior official at the department, anti-money laundering regulations will be stepped up as part of efforts to clamp down on criminal uses of cryptocurrency.
Notably, the treasury official spoke of the need for implementing the new “due diligence” rules, which all “financial institutions”—including cryptocurrency exchanges—will be expected to uphold from May 2018.
- Gilbert Horowitz, Gambling911.com
