STEVEN MNUCHIN SITS BETWEEN DIGNITARIES
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) conceded a delay of its Travel Rule expansion by several weeks. The language of the extension is quite specific: rulemaking will extend an additional 15 days for reporting transactions above $10,000, and 45 days for a requirement on certain recordkeeping and counterparty reporting requirements.
- First submitted Dec. 18, the proposals requires cryptocurency exchanges like Coinbase, Kraken, Bittrex, Gemini, and other U.S.-based exchanges to store the name and address of customers transferring over $3,000 in cryptocurrencies per day to private crypto wallets.
- Exchanges must also file currency transaction reports for customers transactions over $10,000 per day in aggregate.
- We dedicated an entire edition to FinCEN's Travel Rule and its associated regulations in this previous edition of Inside Cryptocurrency.