FinCEN Announces Withdrawals of 2 Proposed Digital Asset Related Rules

FinCEN announced that it withdrew the following proposed rules that would have imposed certain regulatory requirements on financial institutions related to certain digital assets, specifically convertible virtual currencies: 1. a proposal that would have imposed recordkeeping, verification, and reporting requirements on certain transactions involving convertible virtual currencies and unhosted wallets and 2. a proposal that would have imposed a special measure with regards to convertible virtual currency mixing. FinCEN stated that it had considered the comments submitted in response to these proposals and is withdrawing them as part of the Trump Administration’s deregulatory agenda and ongoing efforts to ensure digital asset regulations are fit-for-purpose.