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