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Lawmakers also needs to beef up the division’s powers below the Financial institution Secrecy Act (BSA), permitting for the “focusing on of cryptocurrency entities and companies that facilitate funding for terrorists,” the proposal mentioned. It requires a brand new class of economic establishments below the BSA that would come with “cryptocurrency exchanges, Digital Asset Service Suppliers (VASPs), digital asset pockets suppliers, sure blockchain validator nodes and decentralized finance companies,” requiring them to fulfill sure anti-money-laundering calls for.
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