The Financial Crimes Enforcement Network (FinCEN) has extended the discussion period for the regulation of cryptocurrency transactions by 60 days. This was reported on the website of the department.
Proposed at the end of 2020, regulations tighten identification requirements and require exchanges to store information about customers transferring digital assets worth more than $ 3,000. The department also requested reports on transactions of users who make transactions with digital assets worth more than $ 10,000 per day.
Earlier, FinCEN extended the acceptance of comments by 15 days for reporting requirements and 45 days for the rules for maintaining documentation on counterparties.
Representatives of a16z, Coinbase and Square CEO Jack Dorsey called these regulations disastrous for the cryptocurrency industry.
Recall that on January 21, the new US President Joe Biden suspended the implementation of FinCEN’s proposal to verify users of non-custodial wallets pending its revision by newly appointed officials.
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