AML Framing as Capital‑Control Tool

States can invoke anti‑money‑laundering and fraud narratives to justify strict national controls on private digital money, including extra‑territorial monitoring of overseas stablecoins and labeling related business activities illegal. That framing lets authorities fold crypto oversight into existing capital‑control and cross‑border payment regimes without needing new monetary law. — If regulators habitually use AML/fraud language to police stablecoins, expect faster fragmentation of payment rails, greater friction for cross‑border crypto services, and a legal precedent for extraterritorial enforcement.