Crypto Wallets Could Come Under Bank Secrecy Act
Last Updated: 20 December 2020
A bureau of the US Treasury Department, FinCEN, recently proposed that banks and money service businesses should record transactions to private crypto wallets. The bureau suggests that these rules will help in combating illegal activity in the crypto space.
Speculations ring true
The Treasury Department has proposed new regulations for crypto wallets after weeks of speculation that it is working on stricter oversight in the sector. Today, the Financial Crimes Enforcement Network (FinCEN) issued a new proposed ruled that will require “require banks and money service businesses (‘MSBs’) to submit reports, keep records, and verify the identity of customers” who are making cryptocurrency transactions into private/unhosted wallets.
FinCEN Proposes Rule Change for Unhosted Convertible Virtual Currency Wallets
On December 18, 2020, the
Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. Under the newly proposed change, banking institutions, and money services businesses (MSBs) may be required to verify customers’ identities and turn in reports for CVC transactions worth more than $10,000.
These financial services providers would also be required to maintain records of CVC transactions of over $3,000 when “a counterparty uses an unhosted or otherwise covered wallet,” the CipherTrace team confirmed. They further noted that “otherwise covered” wallets as those wallets that are “held at a financial institution that is not subject to the BSA and is located in a foreign jurisdiction identified by FinCEN as jurisdictions of primary money laundering concern including Burma, Iran, and North Korea.”
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3 reasons why traders expect continuation after Bitcoin price spike to $24K Here’s what traders expect after Bitcoin’s surge above $23,600 triggered a $138 million squeeze on short contracts and led BTC price to $24,200. 33259 Total views Market Analysis
The price of Bitcoin (BTC) surpassed $24,000 on Dec. 19, reaching a new all-time high. On Coinbase, BTC peaked at $24,200 and has since consolidated into the $23,500 to $23,800 range.
Three factors pushed the price of BTC upwards within a short period, leading it to a record-high. The factors are a large short squeeze, stacked sell orders at $23,600, and the market’s reaction to the U.S. Treasury’s self-custodied wallet rule proposal.