Crypto Security Act: New AML Rules for DeFi and Virtual Currency Kiosks.
This legislation extends anti-money laundering (AML) and sanctions compliance rules to the decentralized finance (DeFi) sector and virtual currency ATM operators. For citizens, this means using crypto ATMs will require mandatory identity verification using a photo ID. The goal is to prevent criminals and sanctioned entities from exploiting these technologies for illicit financial activities, enhancing financial security while reducing transaction anonymity.
Key points
Mandatory identity verification (using an official photo ID) is required for all transactions conducted at virtual currency kiosks (crypto ATMs).
Major investors and entities controlling decentralized finance (DeFi) protocols are now subject to federal anti-money laundering and sanctions compliance laws.
The Treasury Secretary gains expanded authority to prohibit or condition certain international fund transfers linked to money laundering concerns.
Status:
Expired
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