FinCen Proposes Crypto Wallet Reporting Rules

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The United States Financial Crimes Enforcement Network (FinCEN) is proposing that crypto exchanges and other Money Service Businesses (MSBs) keep records for counterparty withdrawal transactions of more than $3,000. In addition such financial institutions are required to report any crypto transaction of more than $10,000 without any stated requirement for it to be suspicious. The proposal requires, among other things, “the name and physical address of each counterparty to the transaction of the financial institution’s customer… any other information that uniquely identifies the transaction, the accounts, and, to the extent reasonably available, the parties involved.” They provide a 15 day comment period for this proposal, but FinCen says they don’t have to provide any comment period because this matter involves foreign entities, even though their proposal makes no distinction between domestic or foreign customers or counterparties. Instead FinCen says: “First, the proposed rule would require that banks and MSBs identify…

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