babu M
JF-Expert Member
- Mar 4, 2010
- 5,221
- 3,167
ON THE POSITIVE NOTE; remember US government put these proposes on the back burner due to Covid 19. So watch out for new regulations in the coming months.
In December 2020, FinCEN proposed a new data collection requirement for persons responsible for managing cryptocurrency exchanges, digital assets, DTLs, and crypto payments and on certain private digital wallets.
If implemented, the regulation would also require exchanges to submit suspicious activity reports (SAR/CTR) for transactions (over the current threshold of $10,000) and require non-registered financial institutions or MSB wallet owners to identify themselves when sending $3,000 or more in a single or series of linked transactions.
The Justice Department continues to coordinate with the SEC, CFTC, and other agencies over future cryptocurrency regulations to ensure effective consumer protection and more streamlined regulatory oversight. However, with the Covid-19 crisis hampering (yet adding urgency to) efforts to advance cryptocurrency regulation, the federal approach continues to be gradual. Despite setbacks, US lawmakers remain keen to bring cryptocurrencies under regulatory oversight in anticipation of their potential destabilizing effect on the globally dominant US dollar, and of the impact that private and centrally banked currencies might have.
[\QUOTE]