Category: fincen

Joe Biden Freezes FinCEN’s Crypto Wallet Rulemaking — US Crypto Regulations Under Review

Joe Biden Freezes FinCEN’s Crypto Wallet Rulemaking — US Crypto Regulations Under Review

New U.S. President Joe Biden has frozen all agency rulemaking, including the proposal by the Financial Crimes Enforcement Network (FinCEN) relating to cryptocurrency wallets. Biden will appoint someone to “review any new or pending rules,” the White House has announced. FinCEN’s Crypto Wallet Proposal Frozen, Pending Regulatory Review Joe Biden, the 46th president of the […]

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FinCEN Extends Dates for Public Comments on New AML Crypto Wallet Regulations

FinCEN has finally extended the period for public comment on its newly released AML regulations for virtual asset service providers after heavy backlash from people for technically prohibiting them from commenting on the proposed regulations. The press release by FinCEN notified that they are reopening the comments period by 15 days for its reporting requirements, and […]

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U.S. Citizens May Have to Report Off-Shore Crypto Holdings As per Latest FinCEN Notice

Latest notice from FinCEN intends to subject digital currencies held in overseas accounts to Foreign Bank and Financial Accounts Reporting (FBAR) regime. At present, tax-paying citizens in the US with a foreign financial interest that might include a foreign bank account or brokerage account above $10,000 are required to adhere to the FBAR and submit […]

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A16z, Coinbase intend to challenge FinCEN’s proposed crypto wallet rules in court should it become law

A16z, Coinbase intend to challenge FinCEN’s proposed crypto wallet rules in court should it become law

Venture capital firm a16z and exchange operator Coinbase intend to challenge Financial Crimes Enforcement Network’s (FinCEN’s) proposed crypto wallet rules in court should it become law. The intention was revealed by a16z’s Kathryn Haun and Coinbase’s Brian Armstrong in tweets on Monday, who said the proposed rules are ill-advised and shouldn’t go forward. FinCEN, a bureau […]

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Jack Dorsey’s Square Slams FinCEN’s Newly Proposed Crypto Wallet Rules, Calls It “Unnecessary Friction”

Just as the timeline for commenting on the newly proposed crypto wallet rules comes to an end by January 4 midnight, Jack Dorsey-owned crypto trading platform Square Inc. has issued a fresh statement on the matter. The crypto wallet rules proposed by FinCEN last month ask exchanges to reported any transaction above $10,000 done through […]

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As FinCEN’s comment window on crypto wallet rule comes to a close, uncertainty on path forward remains

As FinCEN’s comment window on crypto wallet rule comes to a close, uncertainty on path forward remains

At 11: 59 PM EST on January 4, the clock will run out on the window to submit written comments on a proposed rule that could create significant regulatory hurdles for crypto transacting. The Financial Crimes Enforcement Network (FinCEN) released a notice of proposed rulemaking on December 18 that seeks to heighten identification requirements for […]

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Square says new FinCEN wallet proposal will inhibit crypto adoption and hinder law enforcement efforts

Square says new FinCEN wallet proposal will inhibit crypto adoption and hinder law enforcement efforts

Square is the latest company to go public with its opposition to proposed rulemaking from the U.S. Financial Crimes Enforcement Network (FinCEN). If enacted, the proposal would require companies to keep records of and report certain cryptocurrency transaction information beyond what is required for cash transactions today.  Square argues in its letter to FinCEN, published […]

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FinCEN to Impose New Regulation for Crypto Holdings at Foreign Exchanges

FinCEN to Impose New Regulation for Crypto Holdings at Foreign Exchanges

The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets. FinCEN’s New Crypto Rules FinCEN, a bureau of the U.S. Department of the Treasury, issued a notice on Thursday regarding a […]

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