Tuesday, June 6, 2023

U.S. Treasury Department

by Hideo Nakamura
U.S. Treasury Department

U.S. Treasury Department

The U.S. Department of the Treasury is a government department that serves as the executive agency responsible for managing the federal finances and economic activities of the United States government, including issuing currency, collecting taxes, administering public debt programs, overseeing financial regulation and providing advice to other parts of government concerning taxation and macroeconomic policymaking among many other responsibilities. The Secretary of the Treasury is an official appointed by the President with approval from Congress who leads this agency and is part of his cabinet-level advisers on economic policy matters.

As it relates to cryptocurrency specifically, one area where the U.S. Treasury has taken a leading role in recent years is its implementation of anti-money laundering (AML) rules requiring cryptocurrency exchanges to comply with Know Your Customer (KYC) regulations similar to those used by traditional financial institutions such as banks or brokerages firms when they onboard new customers or transact business with them online or in person.. This means that before conducting any type transactions users must provide identifying information so that their activity can be tracked by regulators to ensure compliance with AML laws — something which had previously been difficult due do anonymity associated with digital currencies like Bitcoin prior these safeguards being put into place over recent years..

In addition, another major effort spearheaded by The U.S Department of The Treasury was its creation of FinCEN — an enforcement arm within the agency tasked primarily combat money laundering through increasingly sophisticated methods utilizing emerging technologies such blockchain technology employed for cryptocurrency transactions.. This makes it easier for law enforcement agencies quickly trace suspicious transactions back their original sources both domestically internationally leading more effective prosecution tax evaders criminals operating illegally using virtual currencies evade authorities..

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