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FinCEN Proposes Crypto Reporting and Recordkeeping Requirements | Morgan Lewis

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Recently proposed regulations could present significant compliance burdens for the banks and money service businesses that engage in cryptocurrency transactions with unhosted wallets or wallets held in jurisdictions specified by FinCEN. In this LawFlash, we summarize the proposed rule and provide some key takeaways and observations on what appears to be a continuation of the trend of subjecting such transactions to the equivalent requirements found in the traditional banking system.
The Financial Crimes Enforcement Network (FinCEN) issued a
notice of proposed rulemaking (the Proposal) on December 18, 2020, along with a short set of ....

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Proposed Rules for Transactions with Unhosted Virtual Currency Wallets | K2 Integrity

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On 18 December, the Financial Crimes Enforcement Network (FinCEN) at the U.S. Department of the Treasury announced highly anticipated and controversial new proposed requirements designed to mitigate illicit finance risks associated with “unhosted” virtual currency wallets and wallets hosted in certain foreign jurisdictions with weak anti-money laundering regimes. Unlike customers who rely on the custody services of financial institutions subject to anti-money laundering and combating the financing of terrorism (AML/CFT) requirements to send and receive virtual currency, users of unhosted or “self-hosted” wallets can transact directly with one another and with hosted wallets using their own private keys, creating potential illicit finance risks. FinCEN’s proposed rule would, if enacted, create new obligations for banks and money services businesses (MSBs) including virtual asset service providers (VASPs) eng ....

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FinCEN Recordkeeping and Identity Verification Requirements

FinCEN Recordkeeping and Identity Verification Requirements
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FinCEN Rule to Close Anti-Money Laundering Regulatory Gaps

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FinCEN Announces Proposed Rule Aimed at Closing Anti-Money Laundering Regulatory Gaps for Certain Convertible Virtual Currency and Digital Asset Transaction
Monday, December 21, 2020
On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking that would require 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 (“legal tender digital assets,” or “LTDA”)”
1 held in wallets not hosted by a financial institution (“unhosted wallets”)
2 or wallets hosted by a financial institution in FinCEN identified jurisdictions. ....

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