FinCEN officially withdrew on October 5 two cryptocurrency rule proposals covering transactions involving unhosted wallets and cryptocurrency mixing. These proposals, which had remained unfinished for years, would have imposed new recordkeeping, verification and reporting obligations on financial institutions. The withdrawals do not eliminate existing anti-money laundering and know-your-customer rules that apply to regulated exchanges, banks and money-service businesses. This decision gives the industry a clearer view of the regulatory landscape, but does not prevent FinCEN or Congress from addressing similar issues through a different rulemaking process in the future.
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