Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets, 7352 [2021-01918]
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7352
Proposed Rules
Federal Register
Vol. 86, No. 17
Thursday, January 28, 2021
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Parts 1010, 1020, and 1022
RIN 1506–AB47
Requirements for Certain Transactions
Involving Convertible Virtual Currency
or Digital Assets
Financial Crimes Enforcement
Network (‘‘FinCEN’’), Treasury.
ACTION: Notice of proposed rulemaking;
extension of comment period.
AGENCY:
On December 23, 2020,
FinCEN published a notice of proposed
rulemaking (the ‘‘NPRM’’) proposing
requirements for banks and money
services businesses (‘‘MSBs’’) related to
certain transactions involving
convertible virtual currency (‘‘CVC’’) or
digital assets with legal tender status
(‘‘LTDA’’). On January 15, 2021, FinCEN
published a document reopening the
comment period for the NPRM (the
‘‘Reopening Notice’’). In the Reopening
Notice, FinCEN provided an additional
15 days for comments on the NPRM’s
proposed reporting requirements
regarding information on 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. FinCEN further provided in the
Reopening Notice for an additional 45
days for comments on the NPRM’s
proposed requirements that banks and
MSBs report certain information
regarding counterparties to transactions
by their hosted wallet customers, and on
SUMMARY:
VerDate Sep<11>2014
16:05 Jan 27, 2021
Jkt 253001
the NPRM’s proposed recordkeeping
requirements. This notice of extension
of comment period (‘‘Extension Notice’’)
extends the reopened comment period
to allow additional time to respond to
all aspects of the NPRM and sets one
closing date for the comment period,
instead of the two currently in effect.
Accordingly, all comments to the
proposed NPRM are now due 60 days
from the date of publication of this
Extension Notice.
DATES: The comment period for the
proposed rule published on December
23, 2020 (85 FR 83840), which was
extended on January 15, 2021 (86 FR
3897), is further extended. Comments
must be received by March 29, 2021.
ADDRESSES: Comments may be
submitted by any of the following
methods:
• Federal E-rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
Refer to Docket Number FINCEN–2020–
0020 and the specific RIN number
1506–AB47 to which the comment
applies.
• Mail: Policy Division, Financial
Crimes Enforcement Network, P.O. Box
39, Vienna, VA 22183. Refer to Docket
Number FINCEN–2020–0020 and the
specific RIN number.
FOR FURTHER INFORMATION CONTACT: The
FinCEN Regulatory Support Section at
1–800–767–2825 or electronically at
frc@fincen.gov.
SUPPLEMENTARY INFORMATION: The
NPRM was published in the Federal
Register on December 23, 2020.1 In the
NPRM, FinCEN proposed to address the
threat of illicit finance with respect to
certain transactions involving CVC or
LTDA by (i) establishing new reporting
requirements for certain CVC or LTDA
transactions analogous to existing
currency transaction reports, and (ii)
establishing new recordkeeping
requirements for certain CVC or LTDA
transactions that are similar to the
recordkeeping and travel rule
requirements pertaining to funds
transfers and transmittals of funds. The
original comment period formally
closed on January 7, 2021, although
FinCEN took steps to ensure comments
could still be received after that date. In
the Reopening Notice, published on
January 15, 2021, FinCEN reopened the
comment period.2 Specifically, FinCEN
provided an additional 15 days for
comments on the NPRM’s proposed
reporting requirements regarding
information on 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. FinCEN further provided in the
Reopening Notice for an additional 45
days for comments on the NPRM’s
proposed requirements that banks and
MSBs report certain information
regarding counterparties to transactions
by their hosted wallet customers, and on
the NPRM’s proposed recordkeeping
requirements.
This Extension Notice extends the
reopened comment period for all
aspects of the NPRM’s proposals to
March 29, 2021, thereby further
extending the time to respond and
making the timing of the two periods
consistent, with one deadline for all
comments to the NPRM.
1 Requirements for Certain Transactions Involving
Convertible Virtual Currency or Digital Assets, 85
FR 83840 (Dec. 23, 2020).
2 Requirements for Certain Transactions Involving
Convertible Virtual Currency or Digital Assets, 86
FR 3897 (Jan. 15, 2021).
PO 00000
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Fmt 4702
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By the Department of the Treasury.
Kenneth A. Blanco,
Director, Financial Crimes Enforcement
Network.
[FR Doc. 2021–01918 Filed 1–26–21; 8:45 am]
BILLING CODE 4810–02–P
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Agencies
[Federal Register Volume 86, Number 17 (Thursday, January 28, 2021)]
[Proposed Rules]
[Page 7352]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-01918]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 86, No. 17 / Thursday, January 28, 2021 /
Proposed Rules
[[Page 7352]]
DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network
31 CFR Parts 1010, 1020, and 1022
RIN 1506-AB47
Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets
AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.
ACTION: Notice of proposed rulemaking; extension of comment period.
-----------------------------------------------------------------------
SUMMARY: On December 23, 2020, FinCEN published a notice of proposed
rulemaking (the ``NPRM'') proposing requirements for banks and money
services businesses (``MSBs'') related to certain transactions
involving convertible virtual currency (``CVC'') or digital assets with
legal tender status (``LTDA''). On January 15, 2021, FinCEN published a
document reopening the comment period for the NPRM (the ``Reopening
Notice''). In the Reopening Notice, FinCEN provided an additional 15
days for comments on the NPRM's proposed reporting requirements
regarding information on 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. FinCEN
further provided in the Reopening Notice for an additional 45 days for
comments on the NPRM's proposed requirements that banks and MSBs report
certain information regarding counterparties to transactions by their
hosted wallet customers, and on the NPRM's proposed recordkeeping
requirements. This notice of extension of comment period (``Extension
Notice'') extends the reopened comment period to allow additional time
to respond to all aspects of the NPRM and sets one closing date for the
comment period, instead of the two currently in effect. Accordingly,
all comments to the proposed NPRM are now due 60 days from the date of
publication of this Extension Notice.
DATES: The comment period for the proposed rule published on December
23, 2020 (85 FR 83840), which was extended on January 15, 2021 (86 FR
3897), is further extended. Comments must be received by March 29,
2021.
ADDRESSES: Comments may be submitted by any of the following methods:
Federal E-rulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Refer to Docket Number
FINCEN-2020-0020 and the specific RIN number 1506-AB47 to which the
comment applies.
Mail: Policy Division, Financial Crimes Enforcement
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2020-0020 and the specific RIN number.
FOR FURTHER INFORMATION CONTACT: The FinCEN Regulatory Support Section
at 1-800-767-2825 or electronically at [email protected].
SUPPLEMENTARY INFORMATION: The NPRM was published in the Federal
Register on December 23, 2020.\1\ In the NPRM, FinCEN proposed to
address the threat of illicit finance with respect to certain
transactions involving CVC or LTDA by (i) establishing new reporting
requirements for certain CVC or LTDA transactions analogous to existing
currency transaction reports, and (ii) establishing new recordkeeping
requirements for certain CVC or LTDA transactions that are similar to
the recordkeeping and travel rule requirements pertaining to funds
transfers and transmittals of funds. The original comment period
formally closed on January 7, 2021, although FinCEN took steps to
ensure comments could still be received after that date. In the
Reopening Notice, published on January 15, 2021, FinCEN reopened the
comment period.\2\ Specifically, FinCEN provided an additional 15 days
for comments on the NPRM's proposed reporting requirements regarding
information on 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. FinCEN further
provided in the Reopening Notice for an additional 45 days for comments
on the NPRM's proposed requirements that banks and MSBs report certain
information regarding counterparties to transactions by their hosted
wallet customers, and on the NPRM's proposed recordkeeping
requirements.
---------------------------------------------------------------------------
\1\ Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets, 85 FR 83840 (Dec. 23, 2020).
\2\ Requirements for Certain Transactions Involving Convertible
Virtual Currency or Digital Assets, 86 FR 3897 (Jan. 15, 2021).
---------------------------------------------------------------------------
This Extension Notice extends the reopened comment period for all
aspects of the NPRM's proposals to March 29, 2021, thereby further
extending the time to respond and making the timing of the two periods
consistent, with one deadline for all comments to the NPRM.
By the Department of the Treasury.
Kenneth A. Blanco,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2021-01918 Filed 1-26-21; 8:45 am]
BILLING CODE 4810-02-P