Finanse publiczne · 28.01.2021

Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets

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 o