The Treasury Department of United States has generated a guidebook regarding the ways in which the Foreign Assets Control (OFAC) can make an addition of the Crypto addresses in the Country’s final SDN list.
Crypto Addresses to be added to the U.S. SDN List
U.S. Treasury has planned a set of rules to make the addition of Cryptocurrency addresses easier and secure. The authorities are soon to possess the power to add the addresses in the Specially Designated Nationals (SDN) list. It may be a coincidence that Mr President has signed the ban on Venezuela Petro on the same day that this advice has emerged.
The United States’ Treasury thinks of the Crypto wallet as ” a software application (or other mechanisms) that provides a means for holding, storing, and transferring digital currency”. A cryptocurrency Address is an alphanumeric identifier that represents the destination for a digital currency transfer.
The public may be alerted regarding the Crypto Identifiers. OFAC has acquired the knowledge of those SDN owned wallets and guided them to present the report soon. They asked the exchanges to collaborate as a team and speculate the addresses that could be an SDN list suspect.
“The digital currency address field on the SDN List provides the unique alphanumeric identifiers (up to 256 characters) for digital currency addresses and identifies the digital currency to which the address corresponds,” explains the OFAC report.
In the battle against criminal Offences and Cyber illegalities, OFAC wants to provide a strong foundation for their policies so that the illegal growth of the Crypto usage comes under a control and gradually dissappears. OFAC is also speculated to add the identifiers on SDN list for the blocked persons.
The Treasury has not enlightened about the procedure to block the wallets and addresses. Neither has they said when and how the enforcement of the policies will occur. For now, it aims at alerting the general public about the suspected crypto identifiers.