This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

7352 

Vol. 86, No. 17 

Thursday, January 28, 2021 

1Requirements for Certain Transactions Involving 

Convertible Virtual Currency or Digital Assets, 85 

FR 83840 (Dec. 23, 2020). 

2Requirements for Certain Transactions Involving 

Convertible Virtual Currency or Digital Assets, 86 

FR 3897 (Jan. 15, 2021). 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

31 CFR Parts 1010, 1020, and 1022 

RIN 1506–AB47 

Requirements for Certain Transactions 

Involving Convertible Virtual Currency 

or Digital Assets 

AGENCY: Financial Crimes Enforcement 

Network (‘‘FinCEN’’), Treasury. 

ACTION: Notice of proposed rulemaking; 

extension of comment period. 

SUMMARY: On December 23, 2020, 

FinCEN published a notice of proposed 

rulemaking (the ‘‘NPRM’’) proposing 

requirements for banks and money 

services businesses (‘‘MSBs’’) related to 

certain transactions involving 

convertible virtual currency (‘‘CVC’’) or 

digital assets with legal tender status 

(‘‘LTDA’’). On January 15, 2021, FinCEN 

published a document reopening the 

comment period for the NPRM (the 

‘‘Reopening Notice’’). In the Reopening 

Notice, FinCEN provided an additional 

15 days for comments on the NPRM’s 

proposed reporting requirements 

regarding information on CVC or LTDA 

transactions greater than $10,000, or 

aggregating to greater than $10,000, that 

involve unhosted wallets or wallets 

hosted in a jurisdiction identified by 

FinCEN. FinCEN further provided in the 

Reopening Notice for an additional 45 

days for comments on the NPRM’s 

proposed requirements that banks and 

MSBs report certain information 

regarding counterparties to transactions 

by their hosted wallet customers, and on 

the NPRM’s proposed recordkeeping 

requirements. This notice of extension 

of comment period (‘‘Extension Notice’’) 

extends the reopened comment period 

to allow additional time to respond to 

all aspects of the NPRM and sets one 

closing date for the comment period, 

instead of the two currently in effect. 

Accordingly, all comments to the 

proposed NPRM are now due 60 days 

from the date of publication of this 

Extension Notice. 

DATES: The comment period for the 

proposed rule published on December 

23, 2020 (85 FR 83840), which was 

extended on January 15, 2021 (86 FR 

3897), is further extended. Comments 

must be received by March 29, 2021. 

ADDRESSES: Comments may be 

submitted by any of the following 

methods: 

• Federal E-rulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

Refer to Docket Number FINCEN–2020– 

0020 and the specific RIN number 

1506–AB47 to which the comment 

applies. 

• Mail: Policy Division, Financial 

Crimes Enforcement Network, P.O. Box 

39, Vienna, VA 22183. Refer to Docket 

Number FINCEN–2020–0020 and the 

specific RIN number. 

FOR FURTHER INFORMATION CONTACT: The 

FinCEN Regulatory Support Section at 

1–800–767–2825 or electronically at 

frc@fincen.gov. 

SUPPLEMENTARY INFORMATION: The 

NPRM was published in the Federal 

Register on December 23, 2020.1 In the 

NPRM, FinCEN proposed to address the 

threat of illicit finance with respect to 

certain transactions involving CVC or 

LTDA by (i) establishing new reporting 

requirements for certain CVC or LTDA 

transactions analogous to existing 

currency transaction reports, and (ii) 

establishing new recordkeeping 

requirements for certain CVC or LTDA 

transactions that are similar to the 

recordkeeping and travel rule 

requirements pertaining to funds 

transfers and transmittals of funds. The 

original comment period formally 

closed on January 7, 2021, although 

FinCEN took steps to ensure comments 

could still be received after that date. In 

the Reopening Notice, published on 

January 15, 2021, FinCEN reopened the 

comment period.2 Specifically, FinCEN 

provided an additional 15 days for 

comments on the NPRM’s proposed 

reporting requirements regarding 

information on CVC or LTDA 

transactions greater than $10,000, or 

aggregating to greater than $10,000, that 

involve unhosted wallets or wallets 

hosted in a jurisdiction identified by 

FinCEN. FinCEN further provided in the 

Reopening Notice for an additional 45 

days for comments on the NPRM’s 

proposed requirements that banks and 

MSBs report certain information 

regarding counterparties to transactions 

by their hosted wallet customers, and on 

the NPRM’s proposed recordkeeping 

requirements. 

This Extension Notice extends the 

reopened comment period for all 

aspects of the NPRM’s proposals to 

March 29, 2021, thereby further 

extending the time to respond and 

making the timing of the two periods 

consistent, with one deadline for all 

comments to the NPRM. 

By the Department of the Treasury. 

Kenneth A. Blanco, 

Director, Financial Crimes Enforcement 

Network. 

[FR Doc. 2021–01918 Filed 1–26–21; 8:45 am] 

BILLING CODE 4810–02–P