The Manhattan District Attorney urges New York State lawmakers to classify unlicensed cryptocurrency businesses as a criminal offense

According to Decrypt, Manhattan District Attorney Alvin Bragg urged New York state lawmakers to classify unlicensed cryptocurrency businesses as a criminal offense and called for enhanced law enforcement tools to combat crypto crime.

Bragg warned that a criminal economy worth $51 billion is thriving in regulatory blind spots, allowing criminals to launder money from guns, drugs, and fraud without punishment. He specifically pointed out that unlicensed crypto ATMs, which charge fees of up to 20% to convert cash into digital assets, are one of the main issues. He argued 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 is passed, New York will become the 19th state in the U.S. to criminalize unlicensed crypto operations.