President Trump issues Executive order sanctioning Petro cryptocurrency

The U.S. Treasury has laid out a framework to blacklist cryptocurrency addresses and adding them to the Specially Designated Nationals (SDN) list.

On March 19, the Office of Foreign Assets Control (OFAC) may add specific digital currency addresses to the SDN list. This happened almost simultaneously as President Trump issued an executive order sanctioning the Venezuelan petro cryptocurrency.

The address field on the SDN list provides up to 256 characters and has a line item for which cryptocurrency the address belongs too. The Treasury also made it a point to mention the most popular ticker symbols like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), NEO (NEO), Dash (DASH) and Petro (PTR).

The treasury highlighted the importance of companies and exchanges developing “tailored, risk-based compliance programs,” but noted that “there is no single solution suitable for every circumstance.”

Bridge integrates with existing infrastructure for global Know-Your-Customer (KYC) providers. Our goal is to work with regulators while keeping the users’ privacy intact. In order for cryptocurrency to become trusted and “safe” we need to design systems that appeal to both governments and free market users.

Our Tier Identity system is simple, integrations through BigChainDB and our private chain built off NEO framework will allow “digital checkmarks” placed to what information levels you have verified to and tie to that users’ public address. Each wallet address will be assigned to someone like a bank account, but the user has full control of what information is shared and when. If you can satisfy the requirements of compliance but ensuring users aren’t criminals, money launderers and genuine then you can be considered in compliance. Regulators will not let the markets grow without reasonable regulations and our blockchain compliance solution is streamlined to be adopted by exchanges and crypto users globally. Bridge will be focused on the compliance, so the businesses do not have to spend millions nor run the risk of data compromise for their users.