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FinCEN Extends Comment Period on Digital Asset Transactions in Small Win for Crypto Industry
January 26, 2021 @ 8:00 pm By JD Alois
FinCEN has submitted for publication in the Federal Register an Extension Notice, which will extend the comment period on its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving virtual currency or digital assets.
FinCEN, part of the
US Department of Treasury, came under criticism when it appeared to rush through the NPRM in the midst of the holidays and during the transition to the Biden administration.
The extension will lengthen the reopened comment period and set one deadline for all comments addressing its NPRM regarding “digital assets with legal tender status” (LTDA) or involving “convertible virtual currency” (CVC).
Updated Jan 26, 2021 at 4:06 p.m. UTC
FinCEN Further Extends Comment Period for Controversial Crypto Rules
The Financial Crimes Enforcement Network (FinCEN) is further extending a comment period for a controversial proposed rule that would require crypto exchanges to gather and store counterparty information for transactions to unhosted wallets.
FinCEN announced the move Tuesday, saying all comments are due 60 days after the change is submitted to the Federal Register, the U.S. government’s logbook. The move is a victory for the crypto industry, which has complained the previous deadline of 15 days was far too short. FinCEN previously extended the comment period by 15 days for a proposed currency transaction report rule and 45 days for the counterparty data collection rule.