Strategic advisory firm recommends Congress to regulate crypto under the Bank Secrecy Act

The Financial Integrity Network (FIN), a strategic advisory firm, has recommended U.S. Congress to create a new class of financial institution under the Bank Secrecy Act (BSA) to regulate firms in the cryptocurrency sector, The Block reports. The new category, called virtual asset service providers (VASPs), should be regulated based on the type of service they provide, said FIN. These comments come from a testimony published prior to Tuesday's Congressional hearing on human trafficking and its intersection with the financial sector.