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FinCEN Aims to Extend Reporting Rules to Cryptocurrency

By Valentina Pasquali

Banks, cryptocurrency exchanges and other money services businesses, or MSBs, will have to collect, maintain and report a wider array of data on cryptocurrency users who transact with private digital wallets under a rule pitched by the U.S. Treasury Department. Under the plan, those institutions would have to inform the department's Financial Crimes Enforcement Network, or FinCEN, of attempts by customers to transfer $10,000 or more in cryptocurrency in one day to an address that is not hosted by a regulated exchange, or is hosted in Burma, Iran or North Korea. The 72-page proposal, which the bureau issued Friday, would...

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