U.S. Cryptocurrency Regulation Coming This Christmas

New York (The Verge) —

New FinCEN regulations target transactions with private wallets — asking cryptocurrency exchanges to keep more detailed records on more transactions, and send more information to the US government. Taken in concert with another rule change about international transactions, it may signal that cryptocurrency’s wild years are over — and anonymity will be harder to find.

The proposed regulations in question, which were filed at 4:20PM ET on December 18th, are about private wallets. Let’s say I am a famous and fancy cryptocurrency investor, and I do some trading on Coinbase. If I have my own private wallet that I want to transfer my money to, I will have to identify myself as the wallet’s owner if I’m sending more than $3,000 in a transaction. And if I want to do business with someone else who has a private wallet, I need to tell the exchange some pretty detailed personal information. The exchanges are then required to store records of all this and turn them over on request. Elizabeth Lopatto/@verge

Source: verge, full story


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