26 Feb USA make changes to the rules on cross-border crypto trading
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A rule that forces financial services companies to disclose
their cross-border crypto transactions will be updated changed soon. The U.S.
Commerce Department of the Bureau of Economic Analysis (BEA) wants to change
this rule in the mandatory questionnaire.
BEA wants to change the rule and introduce a new one that
would offer a better understanding and disclosure of foreign crypto
transactions.
From the survey, the BEA will determine the feasibility and
application of the newly proposed rule. After the survey, the new rule on
cross-border crypto trading will take effect.
Data
will be used to monitor financial organizations
According to Stein, the collected data
and information will be beneficial in monitoring both U.S. and international
market organizations.
He said the new rule is an opportunity to set the benchmark for international transactions on cryptocurrency. According to BEA, about 7,000 respondents will participate in the survey, which will include financial advisors,…
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