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 Manhattan District Attorney Alvin Bragg urges New York State lawmakers to strengthen enforcement in the cryptocurrency sector and warns that cryptocurrency has become an important tool for money laundering and organized crime.

He calls for the implementation of a mandatory licensing system, enforcement of customer identification rules, and criminal penalties for unlicensed cryptocurrency companies, while pointing out that current laws have flaws that limit prosecutors' enforcement authority.

Experts say that stricter regulatory rules may curb large-scale fraud, but the effectiveness of policies will depend on the technical capabilities of law enforcement agencies and the clarity of relevant legal provisions.

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