Regulatory Alerts2021-01-14
Added
Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets (reopening of comment period)
The Financial Crimes Enforcement Network reopens the comment period for a proposed rule imposing reporting and recordkeeping requirements on banks and money services businesses for transactions involving convertible virtual currency or digital assets. The reopening provides an additional 15 days for comments on reporting requirements for transactions greater than $10,000 involving unhosted or specific hosted wallets, with comments due by February 1, 2021. An additional 45 days are granted for comments on proposed requirements to report counterparty information and independent recordkeeping obligations for transactions greater than $3,000, with comments due by March 1, 2021.