NEW: The USTreasury and FinCEN are once again considering strict know-your-customer rules for crypto transactions with unhosted wallets. nikhileshde reports
Treasury Secretary Janet Yellen, modified by CoinDesk
Industry advocates said they were concerned that the rules might be impossible for certain wallets to comply with because they are not controlled by people and therefore are not tied to this personal information. Others were also concerned that the requirement might be overly burdensome for individuals to comply with.
"FinCEN is proposing to amend the regulations implementing the Bank Secrecy Act to require banks and money service businesses to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency or digital assets with legal tender status held in unhosted wallets, or held in wallets hosted in a jurisdiction identified by FinCEN," the document said.
The personal data rule, referred to as the counterparty data collection rule, would apply to customers transferring over $3,000 in crypto per day to private wallets.
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