The Financial Crimes Enforcement Network (FinCEN) published a “notice proposed rule making” outlining the proposed rule that suggests that exchanges and other virtual asset service providers will need to verify the name and address of non-custodial wallet users for any transaction exceeding $3,000. The document alleges that “convertible virtual currencies” are becoming more prevalent in facilitating “international terrorist financing, weapons proliferation, sanctions evasion, and transactional money laundering.”

FinCEN will be taking public comment on this proposed rule until January 4th.

For more information see the notice of proposed rule making here https://public-inspection.federalregister.gov/2020-28437.pdf

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For over 30 years, Marin Ivezic has been protecting financial services and critical infrastructure against financial crime, cyber, and regulatory risks. He previously held multiple interim CRO, CISO and technology leadership roles in Global 2000 companies. Since 2013 he has been advising institutions and regulators around the world on safe, secure and compliant adoption of crypto assets and other decentralized technologies.