Tectono Business Review: NEW U.S. REGULATION COMPELS BUSINESS TO COLLECT INFORMATION ON CUSTOMERS SPENDING OVER $10,000 CRYPTO

Monday 7 August 2023

NEW U.S. REGULATION COMPELS BUSINESS TO COLLECT INFORMATION ON CUSTOMERS SPENDING OVER $10,000 CRYPTO

United States has come up with a new regulation which makes it mandatory for businesses operating in the country to collect personal information from customers who use over $10,000 worth of cryptocurrency to make a purchase.

The purpose of the regulation, which will take effect from 2024, is to preventing money laundering and other illegal activities smoothened by cryptocurrencies.

The regulation also stated that businesses that accept cryptocurrency payments must implement new infrastructure to comply with the law.

To some analysts, the regulation is a government overreach while others see it as a necessary step to ensure legitimacy in the eyes of the law.

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EXPORT

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Monday 7 August 2023

NEW U.S. REGULATION COMPELS BUSINESS TO COLLECT INFORMATION ON CUSTOMERS SPENDING OVER $10,000 CRYPTO

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