1) Crypto regs vary by country but for example in the United States all of the exchanges are complying with certain rules similar to banks.
2) Every single exchange is complying with sanctions. The sanctions do not ask them to refrain from all Russian customers, they ask them to block certain individuals which they have done. Banks are following the exact rules.
3) There is no one who thinks crypto can be used to evade sanction at any scale. Same goes for "regulating out of existence" - not going to happen either. Most wonks would say that the EO is actually proof of that.
For residents in the state of NY (where I live) all crypto transactions are regulated by the NY department of financial services and their Bit License. I work hard to develop products that comply with all regulations in each jurisdiction we serve. We have many many AML and OFAC controls in place as required by law. Working at a cryptocurrency exchange is akin to working at a bank in terms of the rules we are following.
Thanks again for this clear analysis, I know I really appreciate it!
Some updates from a crypto witch subscriber:
1) Crypto regs vary by country but for example in the United States all of the exchanges are complying with certain rules similar to banks.
2) Every single exchange is complying with sanctions. The sanctions do not ask them to refrain from all Russian customers, they ask them to block certain individuals which they have done. Banks are following the exact rules.
3) There is no one who thinks crypto can be used to evade sanction at any scale. Same goes for "regulating out of existence" - not going to happen either. Most wonks would say that the EO is actually proof of that.
For residents in the state of NY (where I live) all crypto transactions are regulated by the NY department of financial services and their Bit License. I work hard to develop products that comply with all regulations in each jurisdiction we serve. We have many many AML and OFAC controls in place as required by law. Working at a cryptocurrency exchange is akin to working at a bank in terms of the rules we are following.