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BTC FinCEN formally withdraws long-standing reporting proposal for crypto-wallets
The Financial Crimes Enforcement Agency (FinCEN) has formally withdrawn its long-standing proposal that originally planned to expand record-keeping and reporting obligations for specific cryptocurrency transactions involving non-custodial wallets. The move ends nearly six years of regulatory uncertainty for digital asset users and financial institutions.
Background of the withdrawn proposal
FinCEN, an agency of the U.S. Treasury Department, originally proposed the proposal on December 23, 2020. Under the rules, banks and money services companies (MSBs) are required to keep records of transactions exceeding $3,000 associated with "unmanaged wallets." The so-called unmanaged wallets refer to private digital wallets that are not managed by hosting platforms; in addition, the proposal also covers some wallets that are being reviewed by FinCEN and are hosted by overseas institutions.
For transactions exceeding US$10,000, the proposal requires banks and MSBs to submit detailed reports that clearly identify their customers and counterparties. Transactions that accumulate more than $10,000 over a 24-hour period will also trigger mandatory reporting requirements. These measures aim to strengthen supervision of the flow of convertible virtual currencies and digital assets with legal tender status.
At the same time, for transfers exceeding $3,000, the proposal had required agencies to collect and retain detailed information, including the names and addresses of all participants, and to perform additional authentication of customers. However, after extensive public feedback and review, FinCEN confirmed that no further action will be taken on these reporting rules.
Policy direction and regulatory development
FinCEN在联邦公告中表示，此次撤销符合“数字资产市场总统工作组”的建议，该工作组依据第14178号行政命令运作。官员们指出，使监管适应实际需求（即“量身定制”）是决定取消拟议规则的关键因素。
除了撤销非托管钱包提案外，FinCEN还取消了一项关于加密货币混币交易的单独规则，该规则原本旨在将特定的转换型虚拟货币混币活动指定为洗钱风险的主要关注交易。
这两项提案的撤销是在一段公众咨询期之后进行的，FinCEN强调了在规则制定过程中接收利益相关者意见的价值。
术语解析： FinCEN（金融犯罪执法局）是美国财政部下属机构，负责执行美国防止洗钱和其他金融犯罪的法律。它在监控金融交易以及提出有关加密货币领域的规则方面发挥着关键作用。
FinCEN坚持认为，此次撤销有助于在不断发展的数字资产格局中实施“量身定制”的监管，从而为虚拟货币及相关技术提供更细致的监督。
对加密用户和机构的影响
2020年提案的取消意味着此前计划的针对超过3,000美元交易的记录保存要求将不会实施。针对超过10,000美元的交易以及在24小时内类似累计活动的报告规则也不会继续推进。
Although the proposal has been withdrawn, existing regulations such as the Bank Secrecy Act still apply to regulated financial institutions. The decision clarifies that no additional record-keeping or reporting obligations associated with unmanaged wallets will be introduced at this time.
For users and service providers who transact with unmanaged wallets, this revocation ends outstanding regulatory disputes since 2020 and clarifies compliance expectations under current laws.
The move puts an end to obligations that could significantly change the way exchanges and institutions interact with unmanaged wallets, at least in the near future.
