25.01.2021

US Congress Urged to Regulate Crypto Sector Under Bank Secrecy Act

In a copy of FIN testimony published ahead of a hearing on Sept. 3, FIN recommended that virtual asset service providers (VASPs) should be regulated based on the particular service or services that they provide with emphasis on promoting system-wide governance.

The Financial Integrity Network (FIN) – a Washington D.C.-based advisory firm – has urged the United States Congress to regulate firms in the cryptocurrency sector under the Bank Secrecy Act (BSA).

Virtual asset service providers should be regulated under BSA

FIN’s vice president for product development and services, David Murray, noted that some VASPs are currently regulated as money transmitters under the BSA, while others are not regulated at all. Murray continued by saying:

“Even for those VASPs currently regulated as money transmitters, the regulations are insufficient to protect virtual assets from exploitation.”

Regulation could make operations difficult for firms in the crypto sector

Murray, admitted that imposing the recommended regulations on people and entities would almost certainly make it difficult for some existing implementations of blockchain-based payments to continue operating as they do today.

However, Murray stated that it is not the purpose of the BSA or the global financial transparency regime to enable or accommodate all manner of financial products and services.

U.S. regulators continue to express concerns on cryptocurrency

As Cointelegraph previously reported, United States Treasury Secretary Steven Mnuchin and President Donald Trump have expressed their concerns on the use of cryptocurrency to finance illicit activity, and stressed the role of enforcing Financial Crimes Enforcement Network regulations with respect to crypto-dealing organizations.

Bitcoin.com Opens Crypto Exchange to Compete with Coinbase and Binance

Bitcoin.com, a website previously focused on covering Bitcoin (BTC), Bitcoin Cash (BCH) and general cryptocurrencies news, announced the launch of its own digital assets exchange.

Per the announcement published on Sept. 2, the platform “will host a slew of trading pairs including popular cryptocurrencies like litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC), stellar (XLM), and EOS.” It is also noted:

“Exchange.Bitcoin.com will have markets denominated in base currencies like bitcoin cash (BCH), ethereum (ETH), bitcoin core (BTC), and tether (USDT).”

Always aim high

Managing director of Bitcoin.com exchange Danish Chaudhry told industry news outlet Decrypt that the platform “is hoping to compete against the bigger, more established exchanges, such as Coinbase and Binance by catering to its base.” He also claimed:

“Bitcoin.com is one of the most trusted brands in the industry.”

To attract new users to its exchange platform, Bitcoin.com also offers a few promotional benefits. For example, it is promised that “new accounts will get paid to trade by benefiting from negative 0.3% trading fees for the next three months.”

Month of permutations

As Cointelegraph reported on Aug. 2, Bitcoin.com has appointed Stefan Rust as the company’s new chief executive officer as Roger Ver left the post.

Ver, however, will not be completely gone, but will serve as Bitcoin.com’s executive chairman. The announcement did not clarify what duties this role will entail.

On Aug. 20, Bitcoin Twitter handle with one million followers renounced Bitcoin Cash. At the time, Bitcoin’s best-known names played a guessing game after one of the industry’s most controversial Twitter accounts changed its views overnight.

cointelegraph.com

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