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White House releases stablecoin report, says regulators could consider limiting 'multi-currency stablecoins'


December 23, 2020, 5:30PM EST
 · 
1 min read
The White House has released a statement on regulatory considerations for stablecoins  and it includes the potential for limitations on multi-currency stablecoins.
The statement comes from the President s Working Group on Financial Markets, which is a Treasury-centric working group that makes recommendations to the president and federal regulators. 
The group highlighted the importance of anti-money laundering and counter financial terrorism measures, including on-chain know-your-customer (KYC) verification among all parties, even unhosted wallets. This comes after the Financial Crimes Enforcement Network unveiled a proposed rule that would also create heightened KYC requirements for transactions between money service businesses and unhosted wallets. ....

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