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TREAS/FINCEN RIN: 1506-AB41 Publication ID: Spring 2021 
Title: Clarification of the Requirement to Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets With Legal Tender Status 
Abstract:

The Board of Governors of the Federal Reserve System and FinCEN (collectively, the "Agencies") intend to finalize a proposed rule to clarify the meaning of "money" as used in the rules implementing the Bank Secrecy Act requiring financial institutions to collect, retain, and transmit information on certain funds transfers and transmittals of funds to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency, or acts as a substitute for currency, but lacks legal tender status. The Agencies further intend to finalize the proposal to clarify that these rules apply to domestic and cross-border transactions involving digital assets that have legal tender status.

 
Agency: Department of the Treasury(TREAS)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 31 CFR 1010.410(e)    31 CFR 1010.410(f)    31 CFR 1020.410   
Legal Authority: 12 U.S.C. 1829b    12 U.S.C. 1951 to 1959    31 U.S.C. 5311 to 5314    31 U.S.C. 5316 to 5336   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/27/2020  85 FR 68005   
NPRM Comment Period End  11/27/2020 
Final Action  09/00/2021 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: Yes 
Related RINs: Related to 1506-AB48 
Agency Contact:
FinCEN Resource Center
Department of the Treasury
Financial Crimes Enforcement Network
P.O. Box 39,
Vienna, VA 22183
Phone:800 767-2825
Email: frc@fincen.gov