Manhattan District Attorney urges New York state lawmakers to criminalize unlicensed crypto businesses

PANews, January 15—According to Decrypt, Manhattan District Attorney Alvin Bragg has urged New York state lawmakers to criminalize unlicensed crypto businesses and called for enhanced enforcement tools to combat crypto-related crime. Bragg warned that a $51 billion criminal economy is thriving by exploiting regulatory loopholes, enabling criminals to launder proceeds from guns, drugs, and fraud with impunity. He specifically pointed out that unlicensed crypto ATMs, which charge fees as high as 20% to convert cash into digital assets, are one of the main issues. He advocated that all crypto businesses must be subject to mandatory licensing and comply with Know Your Customer (KYC) regulations, with violators facing criminal liability. If the proposal passes, New York would become the 19th state in the US to criminalize unlicensed crypto operations.