FinCEN Proposes Rule Change for Unhosted Convertible Virtual Currency Wallets: Author – CFR

Reported By: CryptoFundReport.com

CrowdfundInsider – On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. Under the newly proposed change, banking institutions, and money services businesses (MSBs) may be required to verify customers’ identities and turn in reports for CVC transactions worth more than $10,000.

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