New cross-border crypto rules could drive business, jobs offshore

They could also lock companies out of the booming cross-border stablecoin market.

New proposed rules for cross-border crypto transactions add another reporting layer to already overburdened crypto exchanges and could drive legitimate business offshore while undermining the very surveillance the authorities are trying to achieve.

The proposals have been roundly condemned by several industry participants, particularly the requirement to report any transfer of crypto from a local exchange to a…