USA’s Financial Crimes Enforcement Network (FinCEN) has extended the comment period for its Notice of Proposed Rulemaking (NPRM) about specific transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). FinCEN has now set one deadline for all comments addressing the NPRM.
Under FinCEN’s proposed new rule, banks and money services businesses would have to submit reports, keep records, and verify the identity of customers conducting transactions above $10,000 involving CVC/LTDA wallets either not hosted by a financial institution or hosted by a financial institution in selected jurisdictions.
Earlier in January 2021, FinCEN had reopened the comment period regarding this proposed rulemaking, allowing an additional 15 days. FinCEN had also provided for an additional 45 days for comments on the NPRM’s proposed requirements. With this new Extension Notice, all comments about the NPRM will now be due 60 days from the date of publication of the notice in the Federal Register.
Source: FinCEN