The Financial Crimes Enforcement Network issued a proposed rule to increase transparency of certain transactions involving convertible virtual currency or digital assets with legal tender status.
FinCEN proposes virtual currency recordkeeping rules
December 21, 2020 / By ICBA
The Financial Crimes Enforcement Network issued a proposed rule to increase transparency of certain transactions involving convertible virtual currency or digital assets with legal tender status.
The Financial Crimes Enforcement Network issued a proposed rule to increase transparency of certain transactions involving convertible virtual currency or digital assets with legal tender status.
Under the proposal, banks and money services businesses 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.
ICBA recently released community bank primers on central bank digital currency and cryptocurrency, the latest in ICBA's series of Payments Executive Briefs.
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