The Financial Crime Enforcement Network (FinCEN), a unit of the US Department of the Treasury, has strongly announced the need to know much more data from users who transfer significant amounts of cryptocurrency to their private Wallets. The cut-off figure in question is $ 3,000. Currently, most crypto transactions are encrypted and FinCEN wants this to change.
Thousands of comments and firms oppose this new rule. Heavy hitters know, of course, that this can have consequences for buyers and sellers. Therefore, unless this rule is presidential in nature and higher limits are set, it appears that it will not be successful. Also, this initiative could cause many developers and programmers to carry out their cryptocurrency operations outside the United States, leaving it behind in terms of innovation.
There are already more than 60,000 comments collected by very relevant entities in the panorama such as Coinbase, Square and the United States Chamber of Commerce that have asked that this new rule be delayed as much as possible and not exceeded in the reinforcement of KYC.
