The more time passes, the more cryptos are subject to restrictions. The sanctions are no longer ending on the sector. To top it all off, a UN executive made a statement at the World Economic Forum on August 18 that once again draws attention to the field.
For or against the control of the crypto sector?
If the decentralized side of cryptos has a great influence on the adoption of these assets, the statement of the executive director of the UN Office on drugs and crime, Ghada Waly, may well change some things. Indeed, the latter is convinced that the Internet would become much safer if the US government had a control over the sector crypto.
For her, the growth of cryptocurrencies increases the rate of illegal activities. Money laundering and theft are becoming more and more frequent and there is no way to stop them. Therefore, it invites the US government to monitor the use of crypto assets in addition to strengthening the capacities of stakeholders.
Waly recognizes that many American jurisdictions do not have comprehensive laws capable of combating the growing risks of cybercrime. Nevertheless, the United States is beginning to take steps to regulate the sector.
US Treasury increases sanctions against digital assets
The rapid growth of cryptocurrencies is worrying institutions. US regulators, after having warned for a long time about the risks associated with cryptos, finally decide to take action. Indeed, the Office Foreign of Assets Control (OFAC) began its initiative in 2017 against Iran.
However, his offensive does not end there since the US Treasury has recently set its sights on crypto mining. More and more digital assets are in the crosshairs of the latter.
Among others, the main cryptos, bitcoin (BTC) and ether (ETH). Recently, it was Tornado Cash that fell into the clutches of the regulator. The latter is currently subject to sanctions because regulators believe that hackers are using the site to erase traces of their crimes.
The United States continues to deploy sanctions and regulations against the crypto sector. If these methods are unacceptable for some, Ghada Waly believes that these measures are necessary since the cryptosphere needs to be controlled if we want to avoid illegal activities on the Internet.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. Crypto community manager at the core, I am interested in everything related directly or indirectly to the blockchain and its derivatives. In order to share my experience and make known a field that I am passionate about, there is nothing better than writing informative and casual articles at the same time.