Press release: FinCEN Extends Reopened Comment Period (unhosted wallet NPRM)

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FinCEN Extends Reopened Comment Period for Proposed Rulemaking on Certain Convertible Virtual Currency and Digital Asset Transactions | FinCEN.gov

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                              FinCEN Extends Reopened Comme...

FinCEN Extends Reopened Comment Period for Proposed Rulemaking on Certain Convertible Virtual Currency and Digital Asset Transactions

Contact: 

Office of Strategic Communications,

703-905-3770

Immediate Release

January 26, 2021

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today that it has submitted for publication in the Federal Register an Extension Notice, which will lengthen the reopened comment period and set one deadline for all comments addressing its Notice of Proposed Rulemaking (NPRM) regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA).  Under the NPRM, banks and money services businesses (MSBs) would be required to submit reports, keep records, and verify the identity of customers in relation to transactions above certain thresholds involving CVC/LTDA wallets not hosted by a financial institution (“unhosted wallets”) or CVC/LTDA wallets hosted by a financial institution in certain jurisdictions identified by FinCEN. 

Earlier this month, FinCEN issued a notice reopening the comment period for the NPRM.  In that notice, FinCEN provided an additional 15 days for comments on the NPRM’s proposed reporting requirements regarding 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 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.

Today’s Extension Notice allows additional time to respond to all aspects of the proposed rule, and sets one closing date for the comment period.  All comments to the NPRM will now be due 60 days from the date of publication of this Extension Notice in the Federal Register.  FinCEN looks forward to reviewing any additional information submitted during this time.

The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.

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