United States of America: Introduced Digital Asset Anti-Money Laundering Act of 2022

On 15 December 2022, the Digital Asset Anti-Money Laundering Act of 2022 (S.5267), which aims to regulate the crypto market and to mitigate the risks that cryptocurrency and other digital assets pose, was introduced in the US Senate. The Act notably includes custodial and unhosted wallet providers, cryptocurrency miners, and validators under the definition of “money service business”, making them subject to new anti-money laundering rules. The Act would alos require digital asset kiosks to verify the identity of their customers and prohibit financial institutions from using technology such as digital asset mixers, privacy coins, and other anonymity-enhancing technologies.