On October 23, 2023, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) in the Federal Register. This proposed rule requires domestic financial institutions to implement certain recordkeeping and reporting requirements for transactions involving convertible virtual currency (CVC) mixing. CVC mixing facilitates CVC transactions in a manner that obfuscates the source, destination, or amount involved in a transaction.
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