Tag: Surveillance

FinCEN’s Wallet Rule Aims to Close Crypto-Cash Reporting Gap, Official Says
Crypto News

FinCEN’s Wallet Rule Aims to Close Crypto-Cash Reporting Gap, Official Says

Financial institutions report large cash and crypto transactions differently. This gap led to a controversial rule proposal by the Financial Crimes Enforcement Network (FinCEN) late last year, an official said Monday.Speaking at a virtual panel hosted by compliance firm TRM Labs, FinCEN Deputy Director Michael Mosier was referring to a rule that would require crypto exchanges to report transactions to private wallets (sometimes referred to as unhosted wallets) worth over $10,000 per day, as well as collect counterparty information for wallets that receive over $3,000 in crypto per day.If crypto is like cash, “why does the CTR, the currency transaction reporting requirement, apply to cash and banks and money services businesses but you have this gap with crypto,” he asked.. “… ...