FinCEN Proposed Rule Change for Unhosted CVC Wallets
RIN 1506-AB47 Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets FinCEN Takes a Measured Approach to Money Laundering Risks Posed by Unhosted CVC Wallets On December 18, the Financial Crimes Enforcement Network (FinCEN) released a proposed rule change for virtual currency transactions with unhosted wallets. Under the proposed change, banks and money services businesses (MSBs) would be required to verify the identity of their customer and submit reports for CVC transactions over $10,000 and keep records of CVC transactions greater than $3,000 when a counterparty uses an