US Treasury Has Published Guidelines For Cryptocurrencies

The US Department of the Treasury has published guidelines for cryptocurrencies. The guide discusses cryptocurrencies and their use cases.

The US Treasury Department has released a guide explaining how cryptocurrencies should not be used to evade sanctions. As it is known, cryptocurrencies came to the fore as an important means of avoiding the sanctions imposed after Russia's invasion of Ukraine. The US Department of the Treasury also addressed this issue. The aforementioned guide stressed that US citizens and crypto-asset companies must abide by sanctions against Russia even when facilitating transactions in cryptocurrency. In addition, the following statements were noted in the guide: “Persons, including other service providers such as virtual currency exchanges, virtual wallet hosts, and those providing nested services for exchanges, are generally prohibited from participating in or facilitating prohibited transactions, including virtual currency transactions for which the blocked persons have an authority.”