FinCEN extends comment period for proposed cryptocurrency-transaction regulations

The Financial Crimes Enforcement Network (FinCEN) within the U.S. Treasury extended the comment period for proposed cryptocurrency-transaction regulations by 60 days. This was announced on the на сайте ведомства.

Proposed rules issued in late 2020 tighten identification requirements and require exchanges to retain information about customers transferring digital assets valued at over $3,000. The agency has also requested reports on transactions by users who conduct deals in digital assets valued at more than $10 000 in a single day.

Earlier FinCEN extended the comment period by 15 days for the reporting requirements and by 45 days for the rules on counterparty documentation.

Representatives of a16z, Coinbase, and Square CEO Jack Dorsey called these rules ruinous for the cryptocurrency industry.

In January, new U.S. President Joe Biden paused the implementation of some of his predecessor Donald Trump’s executive orders. This included the proposal to verify users of non-custodial wallets from FinCEN.

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