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FinCEN gives us more time again to respond to the crypto NPRM…

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

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.

and the Extension Notice provides the very helpful:

Comments must be received by [INSERT DATE 60 DAYS AFTER PUBLICATION IN THE FEDERAL REGISTER].
So, 2 months from tomorrow (31 days till February 27, and 29 till Match 27 – it’s a leap year)….

Link:

FinCEN Notice

Extension Notice (Federal Register) – Web Page, PDF

Categories: Anti-Money Laundering FinCEN Updates Notice of Proposed Rulemaking (NPRM) Public Consultations Virtual Currencies

eric9to5

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