The US decides to control non-custodial cryptocurrency wallets

US Deputy Treasury Secretary Wally Adeyemi said that the US will tighten control over the crypto industry and non-custodial wallets.

According to Adeyemo, financial institutions should know their customers to prevent cryptocurrency crimes: «We are working to eliminate the risks associated with non-custodial wallets. Since they are confidentially managed by the user through the blockchain, it can be difficult to determine who owns and controls the wallets, which creates opportunities for abuse of this increased anonymity.»

The decision to increase control over non-custodial wallets, which are addresses on the blockchain, was prompted by Russia’s use of cryptocurrency to circumvent sanctions, as the US is concerned about national security. «America's international standing and its ability to ensure our national security depend in large part on our global financial leadership. We recognize that the future of the global financial system is becoming more digital,» — said Wally Adeyemi

Non-custodial cryptocurrency wallets allow owners to maintain privacy and full control over their funds — they do not transfer the «keys» to outsiders.