Mnuchin Steven, the United State Treasury secretary, presented a bill requiring trading firms and cryptocurrency protocols to authenticate the identity of clients transferring assets to private addresses.
There are have been unconfirmed reports of new wallet address regulations making rounds in the cryptocurrency sphere for weeks before Steven eventually dropped the statement on the 18th of December, before his anticipated leave from office.
Major Updates
- Exchanges to reveal the identities of clients
- The new regulation will be a burden for exchanges to uphold
- The law will not apply to some wallets
The Chief Compliance Officer of OKCoin stated that "upon primary evaluation of FinCen offer and also the address confirmation requirements, I feel the offer of expanding the CTR requisite to cryptocurrency trading firms and having to receive physical wallets of the receiver would indicate huge functional and management responsibility for trading firms."
