2 hours ago
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Key Takeaways
- FinCEN is withdrawing two proposed crypto reporting rules.
- They covered self-hosted-wallet transfers and mixing activity.
- Existing AML and sanctions rules still apply.
Two pending proposals are moving toward formal withdrawal
FinCEN placed a withdrawal notice for its self-hosted-wallet proposal and a separate notice for its cryptocurrency-mixing proposal on public inspection on October 5. Both notices are scheduled for formal publication in the Federal Register on October 6, when the withdrawals will take effect.
The first proposal dates to 2020 and concerned transfers between customers of regulated financial institutions and wallets those customers control themselves. The second came in 2023 and would have applied special reporting and recordkeeping measures to certain transactions involving convertible-virtual-currency mixing with a for...
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