Regulatory Alerts2020-12-23
Added
Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets
FinCEN proposes to require banks and money service businesses to submit reports, keep records, and verify the identity of customers for transactions involving convertible virtual currency or digital assets with legal tender status held in unhosted wallets or hosted in jurisdictions identified by FinCEN. The proposal seeks to establish new reporting and recordkeeping obligations similar to existing currency transaction and travel rule regulations. Written comments on this proposed rule may be submitted on or before January 4, 2021.