Fed Moves To Close Stablecoin Loopholes With New Customer ID Rules

Fed Moves To Close Stablecoin Loopholes With New Customer ID Rules Authored by Micah Zimmermann via BitcoinMagazine.com, The Federal Reserve proposed Thursday that payment stablecoin issuers maintain written customer identification programs, a move that signals Washington’s determination to bring digital asset markets under the same anti-money laundering discipline long applied to traditional banks — even as regulators race to finalize rules before a statutory deadline this coming January. The proposal would require so-called permitted payment stablecoin issuers, or PPSIs, to collect from each new customer a legal name, date of birth or formation, physical...