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FinCEN Extends Comment Period for Controversial Crypto Rule
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investopedia.comThe Financial Crimes Enforcement Network (FinCEN) has extended the commenting period by 60 days for a controversial proposed rule that requires cryptocurrency businesses and banks to record and store customer identification details for self-hosted wallets. The agency proposed the Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets rule last month, and its commenting period ended Jan. 15. FinCEN extended the commenting period by 15 days for reporting requirements and another 45 days for a requirement on record-keeping and counterparty reporting.
The FinCEN rule requires crypto businesses and exchanges to maintain a record of transactions with self-hosted wallets for amounts over $3,000 and submit a
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