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Crypto Compliance with OFAC Sanctions | Articles

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The Treasury Department’s Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions imposed by the United States against foreign countries. Depending on the country, OFAC programs may freeze assets of embargoed countries, prohibit payment of funds to individuals and countries on the embargo list, or prohibit the provision of services to countries subject to U.S. sanctions. On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance on sanctions compliance geared explicitly toward the virtual currency industry to provide compliance guidance for this rapidly growing sector. Along with the advice, OFAC updated some Frequently Asked Questions relating to virtual currencies (FAQs 559, 560, 561, 562, 563, 594, and 646). According to update, “digital currency” includes sovereign cryptocurrency, virtual currency (non-fiat), and a digital representation of fiat currency. OFAC indicates its view that individuals are

In light of OFAC’s Updated Guidance on Digital Currencies INTRODUCTION The Treasury Department’s Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions imposed by the United States against foreign countries. Depending on the country, OFAC programs may freeze assets of embargoed countries, prohibit payment of funds to individuals and countries on the embargo list, or prohibit the provision of services to countries subject to U.S. sanctions. On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance

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