WASHINGTON, Oct. 6 -- Financial Crimes Enforcement Network has issued a proposed rule called: Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets; Withdrawal.
The proposed rule was published in the Federal Register on Oct. 6 by Jimmy L. Kirby, Deputy Director, Financial Crimes Enforcement Network.
Summary: FinCEN is withdrawing a notice of proposed rulemaking (NPRM) that proposed requiring banks and money service businesses (MSBs) to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA) held in unhosted wallets or in wallets hosted in a jurisdiction identified by...