Senate Wants DeFi Projects to Comply with AML

Decentralized financial protocols are required to strictly perform AML with users. This follows from the bill proposed by the senators.

What is known about the bill

The authors of the development are members of the banking committee. Among them: M. Wahner, M. Romney and others. The law was developed as part of the increase of the national level. security of digital assets. Its goal is to fight crime that uses cryptocurrencies. It will also eliminate the possibility of circumventing AML and other sanctions that play a role in the national. safety.

The law sets requirements for all DeFi protocols: who controls them or gives them access through the interface. If there are no such persons, the responsibility is transferred to persons who have invested more than $ 25 million in the development.

The bill establishes requirements for the verification and collection of user data, support for AML programs. Also, the projects will have to transfer suspicious actions to the government and block the use of the protocol by persons under sanctions. The same applies to companies or organizations.

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