FinCEN Proposes New Reporting, Recordkeeping and Verification Requirements for Transactions Involving Unhosted Wallets | Skadden, Arps, Slate, Meagher & Flom LLP
To embed, copy and paste the code into your website or blog: On January 7, 2021, the original 15-day comment period ended for a proposed rule announced by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) that would impose new reporting, recordkeeping and verification requirements on banks and money services businesses (MSBs) with respect to certain virtual currency transactions (the Proposed Rule). The Proposed Rule would require banks and MSBs to (i) file a report with FinCEN for transactions exceeding $10,000 in value that involve convertible virtual curre...
Source: jdsupra.com