In a Westlaw Today article, a cross-practice team examined proposed regulatory frameworks to mitigate cryptocurrency and virtual asset financial crime risks in the European Union, United Kingdom and United States.
The authors note that this year has seen significant activity from governments and regulatory bodies seeking to monitor virtual assets and virtual asset service providers, and ensure adequate implementation of anti-money laundering/counter-terrorist financing and sanctions standards. Stakeholders in the crypto asset industry should evaluate where regulations are anticipated and proactively put in place compliance controls to lessen the likelihood of involvement in money laundering or sanctions breaches.
The article was co-authored by asset management partner and cryptocurrency & blockchain working group chair Melissa Bender, litigation & enforcement partner Helen Gugel, asset management partner Eve Ellis and anti-corruption and international risk group counsel Paige Berges.
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