The US Department of Justice (DOJ) has issued a report pursuant to the Executive order released to ensure the responsible development of Digital Assets. Meanwhile, the nation has released a proposed cryptocurrency bill.
Investors are open to many market crimes
DOJ’s report focuses on the criminal misuse of digital assets. The pseudonymity of cryptocurrencies has made it an appealing platform for money laundering and other uses. Its popularity has generated opportunities for offenders to target investors who chose it for making a profit from their investment.
The Executive order issued on March 9, 2022 noted an increase in the use of digital assets in the global financial market. It noted that the investors are open to many risks involved related to the market. However, it also mentioned crimes like money laundering, terror funding, fraud and sanction evasion taking place under its shadow.
The Justice Department calls for the cooperation of global law enforcement partners. This will help them to locate and gather digital evidence across the border in order to identify and grab responsible criminals. The authority added that this will maintain the pseudonymity features of the Internet and decentralized finance (DeFi).
US wants to reduce cost of Digital payments
The report mentions that the United States wants to support responsible financial innovation. This will lead in reducing the cost of domestic and cross-border funds transactions. It added that its key authority actively takes part in digital asset matters through IOSCO. Their staff contributes to workstreams on stablecoins, “unbacked” crypto-assets and DeFi. This is done in order to reduce the risks of jurisdictional arbitrage and market division.
The authority highlighted that the government is making efforts to combat the illicit use of digital assets. The law enforcement worked with OFAC to crack down on ransomware activities. It mentioned the recent events involving the Democratic People’s Republic of Korea’s group in cybercrime and laundering of stolen crypto.
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