Crypto Community Addressed To FinCEN

The US Financial Crimes Enforcement Network (FinCEN) has decided to extend the discussion period for the proposal regarding the crypto and blockchain segments regulation. Crypto enthusiasts can now post comments until the end of March this year.

According to an official statement released by FinCEN on January 26, 2021, the discussion period for the proposal to introduce rules for crypto services has been extended by 60 days. Earlier, the period was extended by 15 days due to massive criticism from crypto enthusiasts. The regulator proposed introducing KYC for each transaction over $3,000 and mandatory reporting to FinCEN for each transaction and even a series of transactions within 24 hours, which exceeds $10,000.

The well-known crypto exchange Coinbase sent a letter to FinCEN asking to temporarily suspend the market regulation process in order to clarify and avoid confusion.

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