Cryptos under surveillance – During the summer of 2019, the Financial Action Task Force (FATF) developed very strict rules for cryptocurrency transfers . Already these restrictive rules have gradually imposed themselves (by force of law), the United States still wish to toughen them. At this rate, soon, not a single Bitcoin Circuit should escape Washington’s eye.
An already painful rule … even more restrictive
As a reminder, the FATF has established a very rigid regulatory framework for companies providing services related to digital assets.
The traveller’s rule has thus been implemented by a growing number of states, with the fight against money laundering and the financing of terrorism as a pretext .
E-NIGMA surveillance blockchain
It requires cryptosphere providers to collect, store and transmit all information relating to cryptocurrency transfers, both on the sender and on the recipient of the funds of a transaction. In other words, a real headache of red tape for crypto services, especially for the smallest.
However, this does not yet seem sufficient for the American Federal Reserve (Fed) and the Financial Crimes Enforcement Network (FinCEN), which have just asked to lower the threshold from which this rule applies.
A threshold slashed from 3,000 to just $ 250
In their proposal, the Fed and FinCEN ask that the threshold from which this rule applies be drastically lowered, in order to cover all crypto transactions that would exceed 250 dollars .
This reduction would only concern international transfers . Domestic transactions would remain at the current trigger level of $ 3,000.
There is no justification for this request to divide this threshold by more than 10 .