Facebook launches cryptocurrency or will push for a new round of regulatory reform

According to recent media reports, the risk that Facebook's upcoming cryptocurrency, GlobalCoin, may become a money launderer and a tool of terrorism has already attracted the attention of US legislators and regulators. Some experts said that Facebook's GlobalCoin is likely to conduct money laundering activities through the company's main website and its sister platforms WhatsApp and Instagram. Last month, US Treasury Secretary Steven Mnuchin said his department was monitoring cryptocurrencies to cut off funds for illegal activities. According to a lawyer in the digital asset industry who asked not to be named, in the next few months, the US Senate and House of Representatives may hold a congressional hearing asking Facebook executives to give an answer on how their cryptocurrency products work. The European Union has already established strict regulations on payment companies. The fifth anti-money laundering directive AMLD5 in Europe will take effect on January 10 next year to determine the beneficiaries of the transaction, collect and share information (including for digital assets and prepaid card operators). Make more stringent requirements.