US moves to criminalize non-disclosure of virtual currency ownership

[Jewboo]

US moves to criminalize non-disclosure of virtual currency ownership


The US Senate is reportedly considering a bill to outlaw the concealment of ownership of digital currency accounts by American citizens domestically and abroad.

The Senate Judiciary Committee says existing anti-money laundering (AML) laws need to be modernized.
The bill will amend the definition of ‘financial account’ and ‘financial institution’ to include cryptocurrencies and digital exchanges.

Experts warn that if the law is passed, it will likely have far-reaching effects for digital currencies’ users both in the US and abroad.

“It’s bad… I think it’s going to end in a very confrontational way between bitcoin—even bitcoin holders and users—and the US Government,” said Tone Vays, the head of research at BraveNewCoin and a 10-year Wall Street veteran.

https://www.rt.com/business/411869-u...nership-rules/

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