Should FinCEN limit its reporting and recordkeeping requirements?

"FinCEN should limit the application of its reporting and recordkeeping requirements to certain transactions. As noted, FinCEN has extensive experience with various thresholds," the letter said. The letter did not provide a suggested threshold, suggesting creating one may not even work "given the complex nature" of crypto mixing.

How do I contact FinCEN regulatory support?

The FinCEN Regulatory Support Section at 1–800–767–2825 or electronically at [email protected]. On December 18, 2020, FinCEN filed with the Federal Register a notice of proposed rulemaking (the “December Notice”).

Does FinCEN require money services businesses to be regulated?

Further, FinCEN requires that money services businesses register with FinCEN and develop, implement, and maintain an AML compliance program. In the Anti-Money Laundering Act of 2020, Congress made explicit that businesses that exchange or transmit virtual currencies qualify as regulated entities.