The United States has taken a largely hands-off approach to regulating cryptocurrencies, but different states have their own laws and regulations. On a federal level, the Financial Crimes Enforcement Network (FinCEN) requires exchanges to register with them and comply with anti-money laundering (AML) and Know-Your-Customer (KYC) regulations. The US Securities and Exchange Commission (SEC) is taking a closer look at digital asset investments and has brought enforcement actions against companies that violate its rules. The Commodity Futures Trading Commission (CFTC) has also taken enforcement action against firms that violate its rules. Other countries are taking a more aggressive stance in regulating cryptocurrencies, such as China and South Korea which have both banned digital asset trading entirely.