Australia rolled out its national blockchain road map this month, citing the technology's importance in global markets and estimating the sector's international business value at more than $175 billion by 2025. The 52-page road map outlines strategies that both the public and private sectors can utilize to overcome challenges and capitalize on new growth opportunities.

Social media networks with an eye on developing proprietary cryptocurrency projects are on notice by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) to be mindful of anti-money laundering laws. "Social media and messaging platforms and others now focusing on the establishment of cryptocurrencies cannot turn a blind eye to illicit transactions that they may be fostering," warned Jamal El-Hindi, the deputy director of FinCEN. The agency confirmed that it will create new rules and guidance as needed to ensure that new entrants comply with current anti-money laundering laws, with Treasury Secretary Steven Mnuchin recently warning that "significant new requirements" by FinCEN are on the horizon for the cryptocurrency industry.

Global regulatory agencies too are updating their regulatory frameworks as they relate to cryptocurrencies. Switzerland's Financial Market Supervisory Authority (FINMA), for example, recently proposed an anti-money laundering provision requiring identification for all cryptocurrency-related transactions in amounts greater than $1,000, acknowledging "the heightened money-laundering risks in this area."

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