A Commentary On FinCEN’s Proposed KYC Requirements
Policy Division Financial Crimes Enforcement Network P.O. Box 39 Vienna, VA 22183 FinCEN Docket No. FINCEN-2020-0020, RIN 1506-AB47 January 4, 2020 Dear Sir or Madam, The proposed regulations on currency transaction reports and record-keeping seem to require that banks and money services businesses (MSBs) be able to prove that an identified counterparty to a transaction indeed owns one or more particular cryptocurrency addresses, when that counterparty uses an unhosted wallet and the transaction is over $3,000 in value. (The $3,000 mark would invoke the record-keeping requirement, while....
Related News
FinCEN’s proposed rule regulating “unhosted” wallet transfers has a number of potential issues, including unintended consequences for decentralized finance.
"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.
Coinbase says that a 15-day notice-and-comment period for FinCEN’s new crypto rules is not enough. Coinbase, one of the largest cryptocurrency exchanges in the United States, is advocating extension for the industry’s feedback deadline to newly proposed crypto rules by the Treasury’s Financial Crimes Enforcement Network, or FinCEN.In a Dec. 21 blog post, Coinbase’s chief legal officer Paul Grewal addressed FinCEN’s newly released rulemaking regarding self-hosted crypto wallets. The blog post represents an open letter to Kenneth Blanco, the director of FinCEN.In the letter, Grewal....
As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).¹. At this point, the Proposed Regulations are exactly that - a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official. Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world,....
The U.S. Securities and Exchange Commission (SEC) is currently seeking additional commentary from the public, as the regulating body ponders the Vaneck bitcoin exchange-traded fund (ETF) decision. In a notice published on Wednesday, the SEC thinks “interested persons” should provide comments on the proceedings. SEC Is Looking for Comments Concerning Vaneck’s Proposed Bitcoin ETF Listing In December 2020, New York-based investment management firm Vaneck filed with the SEC to list a bitcoin ETF. Following the original filing, in March 2021, the Chicago Board Options....