The United States Treasury Department has decided to waive the requirement for individuals and cryptocurrency companies in the country to submit anti-money laundering reports, as required by the Corporate Transparency Act.

On January 1, 2021, the Corporate Transparency Act came into effect in the United States, which required all participants in the cryptocurrency market to disclose identifying information about the owners of digital assets. This included mandatory provision of data on the owners of crypto companies and recipients of crypto assets to the Treasury Department's Financial Crimes Enforcement Network (FinCEN), including information such as names, dates of birth, addresses, and identification numbers.

In response to criticism from small businesses, the US Treasury Department said it was ending this reporting in order to simplify compliance with the law and reduce the administrative burden. Scott Bessent, the Secretary of the Treasury, described the decision as a sensible step that will free the American crypto industry from excessive regulations.

Now, mandatory reports to FinCEN will only apply to foreign crypto companies operating in the United States, which should also facilitate their integration into the local market. Such measures are aimed at creating a more comfortable environment for doing business in the cryptocurrency sector, while minimizing risks.

At the same time, it should be noted that the Southern District of New York prosecutor's office, together with the Homeland Security Investigations Division in San Diego, previously confiscated cryptocurrencies worth $31 million that were linked to a hacker attack on the decentralized platform Uranium Finance, which occurred in April 2021.