United States: OFAC Prioritizes Cryptocurrency Regulation and Enforcement | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
The United States Department of Treasury’s Office of Foreign Assets Control (OFAC) has shown a rekindled interest in regulating the cryptocurrency industry and enforcing the guidelines. The agency has hinted that regulating the cryptospace has become its top priority, and it could use an aggressive approach to sanitize the industry, reports Mondaq on August 13, 2019
OFAC Interested in Cryptos
Per the report, OFAC like other U.S. financial authorities have been very much interested in cryptocurrencies, but unlike the Securities and Exchange Commission (SEC) and Department of Justice (DOJ), it has taken a much slower approach towards regulating the space.
However, in recent times, OFAC has shown renown commitment in regulating and enforcing guidelines to govern the cryptocurrency space.
Reportedly, OFAC’s interest in the space began in January 2018 when Venezuela revealed it would be launching a national cryptocurrency called petro (PTR)
After the announcement, OFAC published a frequently asked question (FAQ) section on its site, warning that anyone in the U.S. who transacts with the Venezuelan petro could potentially be sanctioned by the government.
OFAC’s stance became even stricter after U.S. President Donald Trump affirmed that any U.S. person who transacted or financed with petro would incur the wrath of the state.
Against that backdrop, OFAC updated its FAQ to include its compliance obligations for the cryptocurrency industry as a whole.