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All US crypto companies will be required to collect users’ data: New Law

All US crypto companies will be required to collect users' data: New Law 2

By the next year, a new law is going to enter the US crypto market where all the crypto companies will be required to collect the details & financial activities, to further handover the data to US government agencies.

The US is a very big market for the crypto sector and also in the present time the majority of the global crypto companies are from the US. The laws on the crypto sector are invisible in the US and it is creating a very bad situation for the crypto companies to operate crypto business in the country. In this situation, the country’s top financial regulator Securities and Exchange Commission (SEC) is taking enforcement action against the crypto companies on behalf of the traditional rules & regulations.

Under the new US law, all the crypto companies in the US jurisdictions will be required to collect the information of their customers, who purchase goods & services using more than $10k worth of crypto assets. 

This new rule will come into effect by 1 Jan 2024. So here it is clear that the US crypto users will try to remain away from the cryptocurrencies use for goods or services. 

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This new rule sparked a very big discussion between the US crypto community vs US government agencies. Crypto focussed non-profit group Coin Center challenged the decision and dragged the matter into the court.

In the case, the court judge dismissed the case by saying that the new rules will help extends Congress’s authority to increase the level of tax compliance

Through the legal challenge, Coin Centre said that the new law is going to be a very big threat to the privacy of the crypto users because it will force all the crypto payment companies to collect users’ data. In short, the new law will bring problems for crypto users as well as crypto firms to comply with the new rules. 

Read also: American senators to ban North Korean crypto funding of the nuclear program

All US crypto companies will be required to collect users’ data: New Law

 

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