The post US Businesses to Collect Information on Crypto Customers Over $10K! appeared first on Coinpedia Fintech News
Starting in 2024, businesses operating in the US will be required to collect personal information from customers who use over $10,000 worth of cryptocurrency to make a purchase. The regulation is aimed at preventing money laundering and other illicit activities facilitated through cryptocurrencies. Businesses that accept cryptocurrency payments may need to implement new infrastructure to comply with the law. While some see the regulation as government overreach, others view it as a necessary step to ensure legitimacy in the eyes of the law.
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