Same title; extension of comment period, 86 FR 7352, FR Doc 2021-01918
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Federal Register, Volume 86 Issue 17 (Thursday, January 28, 2021)
[Federal Register Volume 86, Number 17 (Thursday, January 28, 2021)]
[Proposed Rules]
[Page 7352]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01918]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 86, No. 17 / Thursday, January 28, 2021 /
Proposed Rules
[[Page 7352]]
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Parts 1010, 1020, and 1022
RIN 1506-AB47
Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice of proposed rulemaking; extension of comment period.
-----------------------------------------------------------------------
SUMMARY: On December 23, 2020, FinCEN published a notice of proposed
rulemaking (the ``NPRM'') proposing requirements for banks and money
services businesses (``MSBs'') related to certain transactions
involving convertible virtual currency (``CVC'') or digital assets with
legal tender status (``LTDA''). On January 15, 2021, FinCEN published a
document reopening the comment period for the NPRM (the ``Reopening
Notice''). In the Reopening Notice, FinCEN provided an additional 15
days for comments on the NPRM's proposed reporting requirements
regarding information on CVC or LTDA transactions greater than $10,000,
or aggregating to greater than $10,000, that involve unhosted wallets
or wallets hosted in a jurisdiction identified by FinCEN. FinCEN
further provided in the Reopening Notice for an additional 45 days for
comments on the NPRM's proposed requirements that banks and MSBs report
certain information regarding counterparties to transactions by their
hosted wallet customers, and on the NPRM's proposed recordkeeping
requirements. This notice of extension of comment period (``Extension
Notice'') extends the reopened comment period to allow additional time
to respond to all aspects of the NPRM and sets one closing date for the
comment period, instead of the two currently in effect. Accordingly,
all comments to the proposed NPRM are now due 60 days from the date of
publication of this Extension Notice.
DATES: The comment period for the proposed rule published on December
23, 2020 (85 FR 83840), which was extended on January 15, 2021 (86 FR
3897), is further extended. Comments must be received by March 29,
2021.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2020-0020 and the specific RIN number 1506-AB47 to which the
comment applies.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2020-0020 and the specific RIN number.
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory Support Section
at 1-800-767-2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION: The NPRM was published in the Federal
Register on December 23, 2020.\1\ In the NPRM, FinCEN proposed to
address the threat of illicit finance with respect to certain
transactions involving CVC or LTDA by (i) establishing new reporting
requirements for certain CVC or LTDA transactions analogous to existing
currency transaction reports, and (ii) establishing new recordkeeping
requirements for certain CVC or LTDA transactions that are similar to
the recordkeeping and travel rule requirements pertaining to funds
transfers and transmittals of funds. The original comment period
formally closed on January 7, 2021, although FinCEN took steps to
ensure comments could still be received after that date. In the
Reopening Notice, published on January 15, 2021, FinCEN reopened the
comment period.\2\ Specifically, FinCEN provided an additional 15 days
for comments on the NPRM's proposed reporting requirements regarding
information on CVC or LTDA transactions greater than $10,000, or
aggregating to greater than $10,000, that involve unhosted wallets or
wallets hosted in a jurisdiction identified by FinCEN. FinCEN further
provided in the Reopening Notice for an additional 45 days for comments
on the NPRM's proposed requirements that banks and MSBs report certain
information regarding counterparties to transactions by their hosted
wallet customers, and on the NPRM's proposed recordkeeping
requirements.
---------------------------------------------------------------------------
\1\ Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets, 85 FR 83840 (Dec. 23, 2020).
\2\ Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets, 86 FR 3897 (Jan. 15, 2021).
---------------------------------------------------------------------------
This Extension Notice extends the reopened comment period for all
aspects of the NPRM's proposals to March 29, 2021, thereby further
extending the time to respond and making the timing of the two periods
consistent, with one deadline for all comments to the NPRM.
By the Department of the Treasury.
Kenneth A. Blanco,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2021-01918 Filed 1-26-21; 8:45 am]
BILLING CODE 4810-02-P