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Crypto Needs Consistent Cross-Border Regulation

The U.S. Treasury Department says allies must work together to create shared standards for regulating cryptocurrencies so that it’s harder for bad actors to get away with crimes.

By Allyson Versprille | July 08, 2022 at 08:50 PM

The U.S. and its foreign allies must work together to create shared standards for regulating cryptocurrencies to make it harder for bad actors to get away with crimes, the U.S. Treasury said Thursday.

“Uneven regulation, supervision, and compliance across jurisdictions creates opportunities for arbitrage and raises risks to financial stability and the protection of consumers, investors, businesses, and markets,” Treasury said in a news release. Inadequate anti-money laundering (AML) and terrorism financing rules across different countries make it harder for the U.S. to investigate illicit transactions when money flows offshore, such as with ransomware payments, the department said.

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