FinCEN extends re-opened comment period for CVC proposal

January 27, 2021

The Financial Crimes Enforcement Network (FinCEN) announced an extension of the re-opened comment deadline for its convertible virtual currency (CVC) proposal. CUNA called for an additional comment period, longer than the original 15 days, in its comments on the proposal

The proposal addresses 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.

Comments on the proposal are now due 60 days from Thursday, when it was published in the Federal Register.