Copy link
Increase text size
Decrease text size
Link copied

Financial Integrity Network urges Congress to bring crypto firms under BSA

Tue, 03 Sep 2019, 06:14 am UTC

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

According to a transcript of FIN Vice President David Murray’s testimony, human traffickers extensively interact with the financial system and use cash, retail payment systems, online payment systems, and cryptocurrencies for carrying out their activities. This was first reported by Cointelegraph.

In order to fight human trafficking organisations, Murray made three key recommendations to the U.S. Congress, which includes strengthening cryptocurrency regulations.

“Congress should create a new class of financial institution under the BSA to cover firms involved in convertible virtual currency transactions: virtual asset service providers (VASPs), which are firms involved in convertible virtual currency transactions,” the document reads.

He recommended VASPs to be regulated on the basis of the services that they provide in order to promote system-wide governance to prevent bad actors from establishing VASPs and connections to the international financial system.

Murray noted that some VASPs are currently regulated as money transmitters under the BSA, while others are not regulated at all. He added:

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

Murray believes that imposing the proposed regulations on people and entities who perform crypto-related functions – exchanges, issuers, custodians, transaction validators, non-custodial wallets – would almost certainly “make it difficult for some existing implementations of blockchain-based payments to continue operating as they do today.”

Last month, the Middle East Media Research Institute (MEMRI) said that terrorist groups, such as ISIS, Al-Qaeda and Hamas, are increasingly using social media platforms to raise cryptocurrency. It particularly called out encrypted messaging app Telegram as the most preferred app by these terrorist groups.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,065.40 (+2.84%)
  • Ethereum (ETH) $277.69 (+3.91%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $414.50 (+1.65%)
  • Bitcoin SV (BSV) $304.66 (-2.33%)
  • Bitcoin (BTC) $10,065.40 (+2.84%)
Feb 19, 2020 (Wednesday)
Northern Data, Canaan partner to cooperate on AI, blockchain and datacenter operations
Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum
Nebulous launches blockchain-powered file sharing platform ‘Skynet’
Crypto Technicals: BTC/USD consolidates previous session's spike, 'Golden Cross' keeps scope for further upside
Crypto finance firm Amber raises $28M in Series A funding
China upgrades national PPP information platform to use blockchain, AI and big data
Feb 18, 2020 (Tuesday)
Enjin’s game development platform goes live on ethereum
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Boerse Stuttgart's blocknox to offer crypto custody services to institutional clients
Crypto derivatives exchange Deribit lists daily ether options
UEFA EURO 2020 tickets to be distributed using blockchain-based ticketing system
South Korean and Singaporean crypto exchanges partner to develop new services
Russian central bank completes blockchain tokenization pilot in its regulatory sandbox
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
Crypto exchange FCoin likely to default after up to $130M bitcoin shortfall
France-based Lagardère Sports partners with blockchain-based fan engagement platform Chiliz
Binance launches cloud solution to simplify launching cryptocurrency exchanges
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.