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AML, Crypto, Financial Crime

Crypto firms call for global consensus instead of “fire hose” of rules

CONCERNS: The US Federal Reserve, Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC) said they had concerns with the safety and soundness of bank business models that are highly concentrated in crypto.

By Huw Jones

A “fire hose” of differing regulatory approaches to cryptoassets lack the global consensus needed to attract established investors that would create a maturer market, a conference was told on Wednesday.

The European Union has finalised the world’s first comprehensive rules for cryptoasset markets, known as MiCA, but others like Britain and the United States are further behind.

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