The Financial Crimes Enforcement Network (FinCEN) extended the comment period for its recent convertible virtual currency (CVC) proposal as requested by CUNA and other commenters. The proposal was initially issued Dec. 23 with a 15-day comment period, and CUNA wrote 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. In response to concerns like those expressed in CUNA’s letter, FinCEN’s latest proposal provides:
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.