US Treasury sees ‘potential benefits’ of DeFi following risk assessment

2023-4-6 19:44

The US Department of the Treasury has released the world’s first DeFi Illicit Finance Risk Assessment, which analyzes decentralized finance (DeFi) services and their vulnerabilities to “illicit activities.”

The assessment found that “cybercriminals, ransomware attackers, scammers, and North Korean hackers” are using DeFi services to launder funds due to “non-compliance” with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.

Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson emphasized that addressing these risks is essential to harness the “potential benefits of DeFi services.”

The private sector is urged to use the findings to develop its own risk mitigation strategies and adhere to AML/CFT regulations. Nelson stated,

“The private sector should use the findings of this assessment to inform their own risk mitigation strategies and to take clear steps, in line with AML/CFT regulations and sanctions obligations, to prevent illicit actors from abusing DeFi services.”

The US government was also urged to utilize the findings of the risk assessment in addressing the illicit finance risks linked to DeFi services, including “strengthening AML/CFT regulatory supervision,” issuing “guidance” for the private sector, and “assessing enhancements” to close AML/CFT regulatory gaps. In addition, the Treasury has requested input from the private sector to inform future steps.

No link for private sector input was provided in the release.

CryptoSlate’s editorial team is currently reading through the 42-page report and will report on the contents in due course.

The post US Treasury sees ‘potential benefits’ of DeFi following risk assessment appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Defi (DEFI) на Currencies.ru

$ 0.0182135 (-17.70%)
Объем 24H $1.165k
Изменеия 24h: 74.29 %, 7d: -97.27 %
Cегодня L: $0.0182135 - H: $0.0182135
Капитализация $0 Rank 3233
Доступно / Всего 0 DEFI

defi risk illicit finance assessment treasury decentralized

Источник: cryptoslate.com

defi risk → Результатов: 126


Фото:

Survey: Large Number of Yield Farmers Can’t Read Smart Contracts Despite High Risk

A new Coingecko survey has found that a large number of yield farmers do not know how to read smart contracts despite claiming they understand the risks that come with such investments. According to the survey, which polled 1,347 people, around 40% of decentralized finance (defi) users cannot comprehend the smart contracts they use for […] The post Survey: Large Number of Yield Farmers Can’t Read Smart Contracts Despite High Risk appeared first on Bitcoin News.

2020-9-23 04:00


Binance Launches the ‘Innovation Zone’ to Justify DeFi FOMO Listings

Leading spot exchange Binance has created an “Innovation Zone” to list newer tokens. “The team has created the Innovation Zone, which will allow users to trade newer token offerings from the comfort of their Binance account, while at the same time protecting less suited users from being exposed to the “risk” that comes with trading […] The post Binance Launches the 'Innovation Zone' to Justify DeFi FOMO Listings first appeared on BitcoinExchangeGuide.

2020-9-21 16:40


Nexus Mutual Sees Active Cover Growing 10x, Now Token Price ‘Directly Linked to Adoption’

“DeFi is developing faster than you can say ‘protect me from the risks in DeFi’,” said Kayleigh Petrie, Director of Engagement at Nexus Mutual, an Ethereum based insurance protocol. Given the sector’s high risk, high gain motto, it makes sense the need for insurance coverage is growing in line with the sector, which has yet […] The post Nexus Mutual Sees Active Cover Growing 10x, Now Token Price 'Directly Linked to Adoption' first appeared on BitcoinExchangeGuide.

2020-9-19 19:10


ETH Network Turns 5, Vitalik Buterin Warns DeFi Users Are ‘Underestimating Smart Contract Risk’

Coinspeaker ETH Network Turns 5, Vitalik Buterin Warns DeFi Users Are ‘Underestimating Smart Contract Risk’Ethereum went live five years ago changing the entire blockchain and crypto sector with developers envisioning a new form of money and social interactions and it has so far revolutionized the nascent industry.

2020-7-29 19:47


How Fund Managers View Lending and Staking: 3 Takeaways From a CoinDesk Research Webinar

In December, we invited two fund managers, both long bitcoin and other crypto assets, for a CoinDesk Research webinar on lending and staking. Jordan Clifford of Scalar Capital and Kyle Samani of Multicoin Capital joined us to discuss how they evaluate risk and returns in crypto lending and staking, what crypto assets' risk-free rate might look like, and what DeFi needs to do to attract investors and new users.

2020-2-1 23:01


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

IBC to Ethereum: Building the interconnected Internet of Blockchains

Since the advent of Bitcoin in 2009 and the explosion of innovation that followed, the web3 industry has faced many challenges. Beyond dealing with regulators, improving UX, and weeding out bad actors, blockchain engineers continue to tackle two major hurdles: scalability and interoperability.

Blockchain’s Disruptive Impact on Gaming

In our world today, blockchain technology is at the forefront of almost every innovation. A groundbreaking innovation itself, the blockchain was initially associated with cryptocurrencies but is rapidly disrupting other industries.

 BloFin Whales’ View: After Halving

A loose liquidity environment and new narrative outbreaks are the main determinants of the bull market after the Bitcoin halving. The high-interest rate environment may last longer than expected but will not end the bull run.

Worldcoin open-sources revamped biometric data system

Worldcoin Foundation has introduced a new system using Secure Multi-Party Computation (SMPC) for biometric template protection, developed with cryptography engineers from TACEO. The advancement has allowed the foundation to securely delete the previous iris code system.

Tether CEO Paolo Ardoino teases potential Pear Phone powered by P2P apps

Paolo Ardoino, the Chief Executive Officer of Tether and co-founder of peer-to-peer platform Holepunch, recently hinted at plans to potentially develop a “Pear Phone” in the future. In an X post, Ardoino floated the idea of building an Android-compatible phone based on the Android Open Source Project (AOSP).