The US Treasury Department has exempted the crypto market from anti-money laundering requirements
Date: 2025-03-04 Author: Oliver Abernathy Categories: IN WORLD
In the United States, it is no longer required to provide personal data of digital asset owners under the Corporate Transparency Act, which came into force on January 1, 2021. Previously, it obliged all crypto market participants to transfer information about the beneficiaries of crypto companies and recipients of digital assets to the Financial Intelligence Network (FinCEN) of the Treasury Department, including their name, date of birth, registration address, and identification number.
The Treasury Department explained that the abolition of these requirements is aimed at supporting small businesses and simplifying regulatory frameworks. The head of the department, Scott Bessent, emphasized that this decision is a “rational step” that relieves the American crypto industry of excessive administrative burdens.
From now on, the obligation to report to FinCEN remains only for foreign crypto companies operating in the United States.
In parallel, the US Attorney's Office for the Southern District of New York, together with the San Diego Homeland Security Investigations Unit, conducted an operation to confiscate crypto assets worth $31 million. These funds were related to the attack on the decentralized platform Uranium Finance, which occurred in April 2021.
