WASHINGTON (Reuters) – Three U.S. financial regulators on Friday issued a warning to firms with registered digital assets that they have an obligation to follow securities laws prohibiting money laundering and requiring disclosure of suspicious activity.
The notice, from the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission and the Financial Crimes Enforcement Network, seeks to clarify firms’ obligations under antimoney laundering, bank secrecy and counter terrorist-financing laws when using digital assets such as cryptocurrencies.
Trading and investing in digital assets have fallen into a regulatory gray area as to which existing laws apply. However, on Friday the regulators said they believed laws that aim to prevent the financial system from being used to fund illicit activities broadly applied to digital assets.
“Bank Secrecy Act obligations that apply to a broker-dealer in securities, mutual fund, futures commission merchant or introducing…
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