U.S. Treasury Withdraws Proposed Reporting Rules for Unhosted Crypto Wallets The U.S. Treasury’s...

U.S. Treasury Withdraws Proposed Reporting Rules for Unhosted Crypto Wallets The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn a 2020 proposal that would have imposed reporting and recordkeeping requirements on certain transactions involving unhosted crypto wallets, saying it will take no further action on the proposal. The rule would have required banks and money services businesses (MSBs) to report transactions exceeding $10,000 involving unhosted or certain covered wallets and verify customer identities, while transactions above $3,000 would have been subject to recordkeeping requirements. FinCEN said the withdrawal is part of the Trump administration’s efforts to ensure di gital asset regulations are “fit-for-purpose.”

Source: Wu Blockchain