US Treasury may impose mandatory verification of crypto wallet holders
The agency will consider FinCEN’s proposal by mid-2022
31.01.2022 - 07:10
126
1 min
0
What’s new? The US Department of Treasury’s official work plan for the first half of 2022 includes a discussion of the verification problem for the crypto wallet holders. The agency plans to make it mandatory for all users of non-custodial services.
Link to the Ministry of Finance documentation
What else is known about the ministry’s plans? The proposal to introduce verification was submitted back in 2020 by the US Financial Crimes Enforcement Network (FinCEN). The agency’s representatives want to oblige banking institutions to verify the identity of customers and send a report on any movements of digital funds to the relevant services. In particular, in question is the transfer of funds to non-custodial wallets.
If the Ministry of Finance adopts the proposed initiative, within six months all exchanges and platforms operating in the United States will have to collect and transmit important data about their users. This is intended to improve security and reduce the number of crimes involving cryptocurrencies.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024