The agency will consider FinCEN’s proposal by mid-2022

​US Treasury may impose mandatory verification of crypto wallet holders

31.01.2022 - 07:10


1 min

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.

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