US Treasury Department request to tighten sanctions against foreign crypto service providers
Date: 2024-04-10 Author: Oliver Abernathy Categories: IN WORLD
The U.S. Treasury Department has been actively advocating for expanded authorities to combat the abuse of cryptoassets by malicious actors and states, including terrorist organizations and the Russian Federation.
Statement by the Ministry of Finance and concerns
Deputy Finance Minister Adewale Adeyemo expressed concern that virtual assets are becoming an increasingly popular tool for the hidden movement of funds and circumvention of international sanctions. He emphasized that the US Treasury considers it necessary to tighten sanctions against both malicious actors and foreign service providers.
Examples and proposed reforms
Examples cited were the use of cryptocurrency by terrorist organizations such as the Russian Federation and North Korea, as well as the transfer of crypto assets to Hamas and Palestinian Islamic Jihad. Adeyemo proposed several reforms, including the introduction of secondary sanctions, modernizing the powers of the Ministry of Finance and addressing the problem of offshore cryptocurrency platforms.
Response from the public and American politicians
Information about the statements of the Ministry of Finance caused discussions in the public and among American politicians. Some of them called for a comprehensive audit of the activities of large service providers, but this information was later refuted by both experts and representatives of the US Treasury itself.
