Why Crime Could Kill Crypto – WSJ

One approach might be to make it harder to use or transfer cryptocurrency once stolen, much like suitcases filled with $1 million in cash are difficult to actually spend without getting noticed. The Biden administration is proposing to adopt the same requirement for crypto that all businesses have when they are paid more than $10,000 in cash—reporting it to the Internal Revenue Service.

Governments also could ratchet up monitoring responsibilities. A number of measures are already under consideration. Citing in part “national security imperatives,” the U.S. Treasury Department last year proposed additional vetting for cryptocurrency transfers to so-called “unhosted wallets” that aren’t associated with a bank or other regulated financial intermediary. The Financial Action Task Force, a global standard-setter for combating money-laundering, recently proposed new guidelines for expanding security requirements to a much wider range of crypto entities.

Source: Why Crime Could Kill Crypto – WSJ