FinCEN re-extends comments on cryptocurrency regulation

The Financial Crimes Enforcement Network (FinCEN) has extended the discussion period for regulations on cryptocurrency transactions by 60 days. This was announced on the agency’s website.

The proposed regulations at the end of 2020 would tighten identification requirements and require exchanges to retain information on customers transferring digital assets worth more than $3,000. The authority has also requested transaction reports for users Crypto Genius who trade more than $10,000 worth of digital assets per day.

Earlier, FinCEN extended the acceptance of comments by 15 days for reporting requirements and 45 days for counterparty record-keeping rules.

Representatives from a16z, Coinbase and Square CEO Jack Dorsey called the regulations disastrous for the cryptocurrency industry.

On 21 January, new US President Joe Biden suspended FinCEN’s proposal to verify non-custodial wallet users pending a review by newly appointed officials.