Securities and Exchange Commission has been dictating terms and conditions related to cryptocurrencies however, with time, aspects have been modifying for the better. To add to the list of Regulatory Authorities, another U. S. Sanctions Laws came in to existence. This Sanctions Laws is from the Office of Foreign Assets Control or OFAC of the Treasury Department.


A Watch on Cryptocurrencies

Office of Foreign Assets Control is in full form as it has been taking charge to the way crypto enthusiasts work when the questions involve cryptocurrencies. It was just last week that two Iranians were sanctioned related to offenses committed for cyber attacks on the U. S. Networks. So, you can see that a strict watch is now in action, clearly mentioning: follow the rules or face consequences!

What can Office of Foreign Assets Control do?

OFAC has been given the authority to ‘impose sanctions’; these would however be only related to the ones which seem to be a threat to the ‘National Security of the United States’. In addition to this, whenever, a ‘primary sanction’ has been imposed then it would mean: people from the U. S. can by no means transact either directly or for that matter indirectly with the so-called sanctioned party.
Another point to be taken a note of is: sanctions from Iran are on the rise for being in the ‘prohibited list’; while a few transactions are under the list of ‘prohibited sanctions’ in Venezuela, these generally relate to ‘debt transactions’.


Note: In case there is a violation of sanctions then they stand to be either a ‘criminal or a civil offense(s)’. Due to such a nature, very high fines would be collected from the law breakers!

OFAC and its Take on Cryptocurrencies: Regulations on Cryptocurrencies

Crypto Industry Stake Holders had requested the Office of Foreign Assets Control to clarify U. S. Sanction Laws over time, however, there was not any response to the requests. But this was not for long because somewhere in March, OFAC barred all citizens of the United States to stay away from transacting with Petro!

Petro happens to be a cryptocurrency which the Government of Venezuela had launched, turning Petro to be one of its kind!


To assist people in understanding rules and regulations laid down by the authorities at OFAC, it has been updating FAQs and clearing queries being raised over time. Well, such a step indicates that there are going to be further developments in the way cryptocurrency regulatory works.

Apart from this, it is better for all individuals involved to ensure that you take ‘compliance’ a little more seriously because if this is not done then there are going to be negative repercussions at the end. Thus, it is better to be safe than sorry later on.

In order to ensure that there is clarity, all crypto enthusiasts can go ahead and read up a little more on the way ‘compliance rules’ work besides getting to know what exactly is a regulator’s terms and conditions for cryptocurrency transactions.

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