According to a ChainCatcher report citing Decrypt, Manhattan District Attorney Alvin Bragg has urged New York legislators to criminalize unlicensed cryptocurrency operations and called for stronger law enforcement tools to combat crypto-related crimes. Bragg warned that a $51 billion criminal economy is exploiting regulatory loopholes to thrive, enabling criminals to launder money from guns, drugs, and fraud with impunity. He specifically highlighted unlicensed crypto ATMs, which charge up to 20% fees to convert cash into digital assets, as a major issue. Bragg advocates that all crypto businesses must obtain mandatory licenses and comply with Know Your Customer (KYC) regulations, with violations subject to criminal penalties. If the proposal is passed, New York would become the 19th U.S. state to criminalize unlicensed crypto operations.
Manhattan District Attorney Urges New York Legislators to Criminalize Unlicensed Crypto Operations
ChaincatcherShare
Summary
Manhattan District Attorney Alvin Bragg has urged New York lawmakers to criminalize unlicensed cryptocurrency operations and expand tools to combat crypto-related crimes. He cited a $51 billion illicit economy that exploits regulatory gaps, with unlicensed crypto ATMs—charging fees as high as 20%—facilitating money laundering. Bragg proposed mandatory licensing and KYC (Know Your Customer) compliance for all crypto businesses, with violations subject to criminal penalties. If passed, New York would join 18 other U.S. states in criminalizing unlicensed crypto operations. The move could affect liquidity and crypto markets by tightening oversight. Crypto legislation is gaining momentum as states seek to close enforcement loopholes.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.