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ARTICLE · 15 JANUARY 2021

FinCEN Looks To Rein In Cryptocurrency Transactions

Latham & Watkins LLP
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In a surprise release in the waning days of the Trump administration, the Financial Crimes Enforcement Network (FinCEN) division of the Department of the Treasury issued a proposed...

United StatesTechnology
Miles P. Jennings
Miles P. Jennings
Benjamin A. Naftalis
Benjamin A. Naftalis
Eric S. Volkman
Eric S. Volkman
Margaret Allison Upshaw
Margaret Allison Upshaw
Deric Behar
Deric Behar

In a surprise release in the waning days of the Trump administration, the Financial Crimes Enforcement Network (FinCEN) division of the Department of the Treasury issued a proposed rule (the Proposal) that would impose significant new obligations on market participants in the cryptocurrency and digital asset market (Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets). The Proposal "would require banks and money service businesses (MSBs) to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA) held in unhosted wallets, or held in wallets hosted in a jurisdiction identified by FinCEN."

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