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FinCEN Withdraws Proposed Expansion of Crypto Travel Rule
(2 hours ago) · 1 source · Summarized by CryptoBipto
The Financial Crimes Enforcement Network (FinCEN) has withdrawn its proposed expansion of the crypto travel rule. The withdrawal was announced as a separate regulatory action in November. The move removes a pending requirement that would have broadened reporting obligations for cryptocurrency transactions.
WHY IT MATTERS
Think of the travel rule like a requirement for banks to include a return address and recipient name on every wire transfer above a certain amount.
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SOURCES
- newsbtc.com
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FinCENTravel RuleCrypto RegulationU.S. TreasuryCompliance
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