The U.S. Treasury Department has released a fact sheet outlining the American government’s relationship with global regulators. The government has worked with various groups, including the G7, G20, FATF and OECD, among others. This is the first document to come out of the decree on cryptocurrencies, signed by US President Biden in March. Here are the details…
Cryptocurrency decree presented in the USA
The U.S. Treasury has released a fact sheet outlining the U.S. government’s relationship with global regulators. Today’s fact sheet includes a framework describing the United States’ work with international organizations on crypto regulation. The publication states that the government is “active in international forums and bilateral partnerships” on a variety of issues. Specifically, he notes that the United States is involved with the G7 on a “broad range of issues” related to digital payments and central bank digital currencies (CBDCs). The US worked with the G20 on cross-border payments and other issues.
The US with the Financial Stability Board (FSB) investigated the financial stability risks from the adoption of digital assets. As part of the Financial Action Task Force (FATF), the US supports countries that have adopted FATF standards for digital assets. It also works to raise awareness about ransomware and money laundering. He contributes to CBDC policies.
The US government is discussing risks and best practices for digital assets with the Organization for Economic Cooperation and Development (OECD). It also improves global tax compliance around cryptocurrencies. The US also supports analytical and surveillance work with the International Monetary Fund (IMF). Finally, it helps the World Bank and multilateral development banks create digital asset-based investment and loan services.
The report appears as a result of the executive decision.
The report aims to protect consumers, investors and businesses along with articles for crypto, such as reducing the possibility of crypto being used in illegal financing. Apart from this, there are articles such as promoting access to financial services and strengthening the leadership of the USA in terms of global finance.
Today’s report is the first to come out of an executive order on crypto strategy signed by President Joe Biden in March, as we’ve reported on Cryptokoin.com. This order specifically defined an inter-agency approach to addressing the risks and potential benefits of digital assets through international activities. This new framework aims to ensure that international regulations protect consumers, investors, businesses and financial stability.
Today’s report was published by the Treasury. Other agencies were involved in its formation, including the US Secretary of State, Secretary of Commerce, and Director of the US Agency for International Development (USAID). Given the wide scope of the original decree, these and other agencies are likely to issue more reports in the future.
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