ICYMI: IMF calls for coordinated effort, capital controls for crypto
published Tuesday, the IMF directly addressed crypto's potential use in sanctions evasion by Russia and its potential to threaten the stability of existing financial systems through the changing banking landscape.
Bad actors may use non-compliant exchanges, mixers or other means to evade sanctions, though the IMF noted US and UK regulators have urged crypto firms to increase vigilance. They could also leverage energy resources to mine crypto and increase their funds. "Essential steps include developing a comprehensive, consistent, and coordinated regulatory approach to crypto assets, and applying it effectively to capital flow management measures; establishing international collaborative arrangements for implementation; addressing data gaps; and leveraging technology ," said the report.
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