WASHINGTON—The U.S. Treasury is on the cusp of putting forward a new transaction reporting rule for money services businesses that interact with self-hosted crypto wallets, The Block reported.
The actual language has not been finalized and is subject to change, The Block noted, citing “a person with knowledge of the process.”
The proposed rule could take the form of a notice of proposed rulemaking or interim final rule. Unlike a proposed rule, an interim final rule goes into effect immediately upon release, The Block said.
Under the rule, money services businesses would need to file a currency transaction report (CTR) if a client conducts a cryptocurrency transaction to or from a self-hosted wallet that involves their service and above an as-yet-unknown threshold, The Block reported.