Digital Asset Anti-Money Laundering: New Rules for Crypto Miners and Wallets.
This law extends strict anti-money laundering rules to nearly all digital asset participants, including crypto miners, validators, and unhosted wallet providers. Citizens should expect mandatory identity verification when using crypto ATMs (kiosks). Additionally, U.S. persons holding over $10,000 in digital assets abroad will face new reporting requirements.
Key points
Most crypto entities, including miners and wallet providers, will be treated as financial institutions, requiring mandatory customer identity checks (KYC).
Mandatory identity verification and counterparty data collection when using digital asset kiosks (crypto ATMs).
Financial institutions must establish controls to mitigate risks associated with anonymity-enhancing tools like crypto mixers.
New requirement for U.S. persons to report foreign holdings of digital assets exceeding $10,000 to the Treasury.
Status:
Expired
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