#DigitalAssetBill 🚨 Major Legal Moves in Crypto: U.S. and UK Introduce Digital Asset Bills

Governments are stepping up to regulate and protect digital assets. Here’s what’s happening:

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🇺🇸 U.S. Digital Asset Anti-Money Laundering Act of 2023

Introduced by Senators Elizabeth Warren, Roger Marshall, Joe Manchin, and Lindsey Graham, this bipartisan bill aims to: 

• Extend Bank Secrecy Act (BSA) responsibilities, including Know-Your-Customer (KYC) requirements, to digital asset wallet providers, miners, validators, and other network participants. 

• Address unhosted digital wallets by directing the Financial Crimes Enforcement Network (FinCEN) to finalize and implement its proposed rule requiring banks and money service businesses to verify customer and counterparty identities for certain digital asset transactions. 

• Direct FinCEN to issue guidance on mitigating risks associated with digital assets that have been anonymized using mixers and other anonymity-enhancing technologies. 

• Strengthen enforcement of BSA compliance by directing the Treasury Department, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) to establish anti-money laundering and countering the financing of terrorism (AML/CFT) compliance examination and review processes for the entities they regulate. 

This legislation seeks to close loopholes in anti-money laundering rules, cutting off illicit actors from using crypto to facilitate illegal activities. 

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🇬🇧 UK Property (Digital Assets etc.) Bill

Introduced on September 11, 2024, this bill aims to: 

• Clarify that digital assets, such as crypto tokens and non-fungible tokens (NFTs), can be recognized as personal property under English and Welsh law, even if they do not fit into the traditional categories of personal property. 

• Provide legal protection to owners of digital assets against scams and theft, enabling them to trace and recover stolen assets through the courts.