It's here: Treasury proposes rule to monitor crypto going to self-hosted wallets
Many have called the long-rumored rules an existential threat to peer-to-peer transactions. The Treasury has released its long-awaited proposal to restrict money services businesses, including U.S.-registered crypto exchanges, from dealing with self-hosted wallets.In a Friday evening announcement, the Treasury's Financial Crimes Enforcement Network, or FinCEN, announced proposed rules requiring registered crypto exchanges to verify the "identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000." The rule is....
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The U.S. Treasury bureau proposed a rule that would require cryptocurrency exchanges to submit reports on withdrawals to “unhosted wallets.” The post FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets appeared first on Bitcoin Magazine.
Four U.S. lawmakers have sent a letter to Treasury Secretary Steven Mnuchin, warning of the risks of restricting the use of self-hosted cryptocurrency wallets. Their concerns follow reports that the Treasury Department may be on the verge of imposing such strict cryptocurrency regulations aimed at self-hosted crypto wallets. Crypto Regulations That Could Make Existing Self-Hosted Wallet Users Criminals U.S. Congressmen Warren Davidson, Tom Emmer, Ted Budd, and Scott Perry sent a letter to Treasury Secretary Steven Mnuchin on Wednesday outlining their “concern regarding reports that....
One of the biggest stories in crypto right is the news that the Financial Crimes Enforcement Network (FinCEN) branch of the U.S. Treasury is working on cracking down on self-hosted wallets in crypto. A document that outlines the proposed rule suggests that exchanges and other virtual asset service providers will need to verify the name […]
A big win for the crypto industry today, which was unanimous in opposition to a new anti-money laundering rule that many saw as rushed and draconian. In response to a deluge of comments, the Treasury's anti-money laundering office is slowing its roll on a rushed proposal to monitor a whole new range of cryptocurrency transactions.On Jan. 14, the Treasury's Financial Crimes Enforcement Network (FinCEN) announced that they were extending the window on comments in response to a rule originally announced two days before Christmas and less than a month before a new administration takes over.....
The Treasury will consider imposing KYC regulations on transactions involving self-custodied wallets. As the Department of the Treasury has announced its regulatory agenda for the fiscal year earlier today, many in the web3 space have likely experienced flashbacks to December 2020, when the agency had first proposed to impose know your customer, or KYC, rules on transactions that involve self-custodied crypto wallets.The Treasury’s semiannual agenda and regulatory plan, a document that is meant to inform the public of the department’s ongoing rulemaking activities includes and encourage....