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US Crime Agency Proposes Rules for Self-Hosted Crypto Wallets
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investopedia.comThe U.S. Financial Enforcement Crimes Network (FinCEN) has released a rulemaking proposal that places identification requirements and amount restrictions for transactions involving self-hosted crypto wallets. CEOs of crypto exchanges and advocacy groups have already criticized the rule, claiming that it would throttle innovation in the nascent industry and place onerous requirements on their businesses.
Self-hosted or unhosted wallets are not provided by a financial institution or crypto service, residing instead on a user's computer or offline. While crypto exchanges are required to verify customer identity and store records for their wallet services under the Banking Secrecy Act (BSA), self-hosted wallets largely function outside the
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