Requirements for Certain Transactions Involving Convertible Virtual Currency (CVC) or Digital Assets
New collection (Request for a new OMB Control Number)
No
Regular
12/23/2020
Requested
Previously Approved
36 Months From Approved
21,814
0
1,284,349
0
0
0
FinCEN has issued a Notice of Proposed Rulemaking (Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets (31 CFR Chapter X)) that proposes the imposition of recordkeeping, verification, and reporting requirements for certain deposits, withdrawals, exchanges, or other payments or transfers of CVC or digital assets with legal tender status (LTDA) by, through, or to a bank or money service business (MSB) that also involve an unhosted wallet or a wallet hosted in certain foreign jurisdictions. The benefits of the proposed rule include enhanced law enforcement ability to investigate, prosecute, and disrupt the financing of international terrorism and other priority transnational security threats, as well as other types of financial crime, by obtaining improved visibility into financial flows into unhosted wallets and improved attribution of CVC transactions involving unhosted or otherwise covered wallets. FinCEN believes that the collection of CVC and LTDA indicators will significantly enhance law enforcementâs and regulatorsâ ability to leverage blockchain analytics to obtain attribution and move investigations forward in an expeditious manner.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
1506-NEW Supporting Statement - CVC NPRM Draft 2020-12-23 (FinCEN).docx
Recordkeeping and Verification Requirements Related to CVC and LTDA (MSBs)