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Comment Period: BSA Requirements for Convertible Virtual Currency and Digital Assets

The Financial Crimes Enforcement Network (FinCEN) issued a notice on 01/15/2021, to announce the reopening of the comment period of a previously published proposed rule regarding the Bank Secrecy Act (BSA). On 12/23/2020, FinCEN published a proposed rule proposing requirements for banks and money services businesses (MSBs) related to certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). FinCEN provided an additional 15 days for comments on the proposed reporting requirements regarding information on 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. On 01/15/2021, FinCEN issued a notice to provide an
additional 45 days for comments on the proposed requirements. As a result, comments were due, with respect to the proposed reporting requirements (except with respect to reporting of counterparty information), 02/01/2021, and with respect to all other aspects of the proposed rule 03/01/2021. Read more here.

  • March 1, 2021
  • Time: All Day