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The post New US Senate Bill Proposes Stringent Anti-money Laundering Rules for Defi Protocols appeared first on Coinpedia Fintech News
The US Senate is drafting the Crypto-Asset National Security Enhancement Act of 2023, requiring DeFi protocols to adopt bank-like regulations. The bill aims to curb cryptocurrency-related crimes and money laundering by imposing AML conditions on controlling entities of DeFi apps. These entities must gather and verify user information, establish anti-money laundering measures, report suspicious activity, and block sanctioned individuals. The Treasury Department’s authority would expand to oversee money laundering in unconventional financial domains, including cryptocurrency.
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