Manhattan District Attorney urges New York State legislators to criminalize unlicensed encryption businesses.

PANews reported on January 15th that, according to Decrypt, Manhattan District Attorney Alvin Bragg urged New York State legislators to criminalize unlicensed crypto businesses and called for stronger law enforcement tools to combat crypto crime. Bragg warned that a $51 billion criminal economy is thriving by exploiting regulatory blind spots, allowing criminals to launder money from guns, drugs, and fraud with impunity. He specifically pointed to unlicensed crypto ATMs that charge up to 20% fees for converting cash into digital assets as a major problem. He argued that all crypto businesses must be subject to mandatory licensing and comply with Know Your Customer (KYC) regulations, with violators facing criminal charges. If the proposal passes, New York will become the 19th state in the U.S. to criminalize unlicensed crypto operations.