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CounterMarkets Co-founder: Custodial Wallet Providers are the Only Entities Affected by the Proposed Crypto Wallet Rules

Amy Liu

Summary: In response to the proposed crypto wallet rules of FinCEN, CounterMarkets co-founder Vin Armani tweeted today that this issue is really exposing the underbelly of this space. FinCEN is not adding AML regulation to non-custodial crypto wallets. Custodial wallet providers (financial institutions) are the only entities this affects. Financial institutions (most of which already have ...

In response to the proposed crypto wallet rules of FinCEN, CounterMarkets co-founder Vin Armani tweeted today that this issue is really exposing the underbelly of this space. FinCEN is not adding AML regulation to non-custodial crypto wallets. Custodial wallet providers (financial institutions) are the only entities this affects. Financial institutions (most of which already have KYC/AML regimes) will have to add a new layer of reporting and recording. The entire point of Bitcoin is to disintermediate financial institutions. This move hastens development of real Non-Custodial Financial Services.

By Amy Liu

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Link: CounterMarkets Co-founder: Custodial Wallet Providers are the Only Entities Affected by the Proposed Crypto Wallet Rules   [Copy]
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