USA sets new rules for stablecoin issuers
Information from US Federal Regulators has brought some clarity to the procedure for issuing stablecoins
Representatives of the President's Working Group on Financial Markets (PWG) reported on December 23 on their research into the cryptocurrency industry. More precisely, that part of it that concerns the issue of stablecoins.
Nothing particularly revolutionary was said in the report. Basically, it was about the fact that issuers, when issuing a cryptocurrency, must comply with all the rules of financial law:
- Stablecoins must comply with KYC and AML requirements, and prevent money laundering and other illegal activities.
- They are not subject to looser regulation and the same controls as for derivatives or securities need to be established.
- If a stablecoin has similar characteristics, it must be subject to applicable federal laws.
The PWG statement cited Deputy Treasury Secretary Justin Muzinich as saying that promoting innovation should not run counter to the country's national security and financial stability.
Recall that the PWG includes representatives of several departments: the Treasury, the Federal Reserve System, the Securities and Exchange Commission and the Commodity Futures Trading Commission.