US Treasury Department Announces DeFi Services Used for Illegal Transfers

The US Treasury Department has issued a warning that DeFi services must comply with anti-money laundering laws.

The US Treasury Department has issued a warning that DeFi services must comply with anti-money laundering laws. In a 39-page report, risks associated with DeFi technology were highlighted, emphasizing that companies and users must comply with the law. Treasury Secretary Brian Nelson noted that to benefit from the potential advantages of DeFi services, risks must be addressed, and warned that ransomware cybercriminals, thieves, scammers, and DPRK cyber actors could abuse DeFi technology.

The report also recommended that the Biden administration consider a broader regulatory framework for cryptocurrencies and blockchain technology. It called for more aggressive investigation and sanction actions against illegal practices. Regulatory agencies, such as the Securities and Exchange Commission, will work to implement tighter regulations for DeFi technology and cryptocurrencies.

The Treasury Department’s warnings are seen as an important step to prevent the use of DeFi services for illegal activities. While DeFi technology can provide financial freedom by offering decentralized financial services, it can also become a tool for illegal activities.

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