A statutory compliance framework comprises the organized set of laws, regulations, and guidelines that an entity must follow. This structure ensures adherence to legal requirements and avoids penalties. It dictates the mandatory operational standards and reporting obligations. Maintaining such a framework is essential for legal operation.
Context
For businesses operating in the digital asset space, establishing a robust statutory compliance framework is a primary concern. News often reports on the evolving legal landscape and the need for crypto firms to adapt their operations to new anti-money laundering, know-your-customer, and financial reporting laws. Adherence to this framework is critical for gaining regulatory acceptance and avoiding legal issues.
Imminent market structure legislation will pivot the US from enforcement-only regulation to a defined, statutory compliance framework, reducing systemic risk.
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