OFAC publishes new guide with rules for companies and entities that operate with cryptocurrencies in the US – DiarioBitcoin

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OFAC publishes new guide with rules for companies and entities that operate with cryptocurrencies in the US - DiarioBitcoin By Angel Di Matteo @shadowargel

Although the guide does not add anything new to the procedures that the OFAC, if you notice that the agency is much more attentive and will seek to ensure compliance with the laws currently in force.


The Office for the Control of Foreign Assets (OFAC), organization attached to treasure of the United States, published a new specific guide in which it details certain sanctions that would apply if cryptocurrencies are used for illicit acts in accordance with local laws.

This was indicated by the OFAC in a 28-page instruction manual published through the official website of the US Treasury, where although it does not share major advances or updates to what was already being done, it does reveal that the OFAC is ensuring proper compliance with current laws, ensuring that cryptocurrency operators assume the same responsibilities and avoid incurring in acts of an illicit nature:

In this regard, in the guide published by the OFAC it reads:

“As a general matter, Americans, including members of the digital currency industry, are responsible for ensuring that they are not involved in unauthorized transactions or dealings with sanctioned persons or jurisdictions.”

The measures indicated by the OFAC

Giving more details about it, the OFAC mentioned a variety of stakeholders who should develop risk assessment programs, including “Companies in the area of ​​technology, exchange services, administrators, mining companies and wallet providers, as well as traditional financial entities that may have exposure to cryptocurrencies or associated service providers.”

To ensure due compliance, the OFAC made mention of IP address geolocation tools, as well as others that also apply to identify if certain people make use of services VPN. The agency hopes that all the aforementioned companies will implement the necessary measures, for which it will further monitor the respective companies.

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On the supervision carried out by the OFAC, The body included a note in which it reminded readers of the actions taken against two residents of Chinese nationality in 2020, which used cryptocurrencies to help finance and legitimize capital to finance the North Korean government. He also mentioned the sanctions applied to a Russian exchange in September this year, which facilitated transactions for criminals linked to ransomware crimes.

Adjusting regulations to address cryptocurrencies

The new instructions for the OFAC comes to place days after the president of the Securities and Exchange Commission (SEC), Gary Gensler, indicated that the United States does not intend to apply a restrictive approach to cryptocurrencies, but will seek to adapt the current legal frameworks to effectively address such assets.

Let us bear in mind that this vision is also shared by the president of the Federal Reserve (FED), Jerome Powell, who also confirmed that the US approach is far from that applied by China.

It is worth noting that both representatives pointed out the need to properly regulate stablecoins, cryptocurrencies that make their way as substitutes for the US dollar, most of which are operated by private companies.

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Source: Home.Treasury, TheBlockCrypto

Version by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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