Assessing for BlockQuake
Bills & Regs
High impactProposed Rule· federal impact brief ready

Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets

Treasury Department, Financial Crimes Enforcement Network·2021-01-28·86 FR 7352
View source
Marshal scored this high impact for BlockQuake.grounded · cited
what changed

FinCEN extended the comment period on its NPRM that would require banks and MSBs to report and retain records on CVC/digital-asset transactions over $10,000 involving unhosted or FinCEN-flagged foreign-hosted wallets.

why it matters to blockquake

As a licensed MSB offering spot trading and custody, BlockQuake would owe new counterparty-reporting and recordkeeping duties on large customer transfers to unhosted wallets—directly expanding its AML/BSA and FinCEN obligations. The extension only buys time to comment before finalization.

recommended action

File a comment before the 60-day deadline and scope the reporting/recordkeeping build against BlockQuake's transaction-monitoring stack.

source
86 FR 7352
Why it was flagged
Digital AssetsAML / BSA
Status
  1. Published in Federal Register
  2. Open for public comment
  3. Final rule
  4. Effective
Action items
Assess custody & AML exposureassign
Draft comment letterassign
Brief leadershipassign
Details
Type
Proposed Rule
Agencies
Treasury Department, Financial Crimes Enforcement Network
Published
2021-01-28
Citation
86 FR 7352
Jurisdiction
federal