FinCEN Withdraws Proposed Crypto Mixer and Unhosted Wallet Reporting Rules
The U.S. Treasury's financial crimes bureau has pulled two proposals targeting self-hosted crypto wallets and mixing services, neither of which had taken effect.
AfroEuropa Newsroom
AfroEuropa desk
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, has withdrawn two proposed rules that would have applied to cryptocurrency held in self-hosted wallets and to crypto mixing services.
The first proposal, introduced in December 2020, would have required financial institutions and money services businesses, including crypto exchanges, to collect records, verify identities, and report transfers of more than $10,000 involving customers' unhosted wallets. The threshold would also have covered transactions exceeding $10,000 in aggregate across a 24-hour period, and firms would have needed to gather information on the customer and the wallet involved.
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