WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has extended the comment period for its recent convertible virtual currency (CVC) proposal.
The proposal was initially issued Dec. 23 with a 15-day comment period, noted CUNA, which wrote to the agency with concerns about the short deadline and the “insufficient justification” for the proposal.
The purpose of the rulemaking is to address certain anti-money laundering threats posed by CVC and legal tender status digital asset transactions involving unhosted wallets or wallets hosted in FinCEN-designated problem jurisdictions, CUNA said.
In response to concerns such as those that were expressed in a comment letter from CUNA, FinCEN’s latest proposal provides:
- An additional 15 days for comments on reporting requirements regarding CVC or LTDA transactions greater than $10,000 (or aggregating to greater than $10,000) that involve unhosted wallets or wallets hosted in a jurisdiction identified by FinCEN
- An additional 45 days for comments on the proposed requirements for reporting certain information regarding counterparties to transactions by their hosted wallet customers
- An additional 45 days for comments on the proposed recordkeeping requirements
Commenters can submit feedback on the proposed reporting requirements by Jan. 30, and all other comments are due March 1.
According to FinCEN, it received more than 7,500 comments during the original comment period.