FinCEN Proposes New KYC Rules For Crypto Wallets

U.S. crypto users hoping to transfer their holdings from an exchange to their own self-hosted wallets may need to comply with new know-your-customer requirements proposed by the Treasury Department on Friday.

The new rule titled “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets” would make it so that users who want to transfer their cryptocurrencies off of centralized exchanges and onto their own private wallets would need to provide personal information to the exchanges. The exchanges would also need to submit and store records involving cryptocurrency transactions.

The general public will have 15 days to provide comments or feedback after the rule is published in the Federal Register.

By Emily Mason