Treasury Proposes Crackdown on Virtual-Currency Transfers
- Proposal would hit exchanges and banks with new requirements
- Industry fears that plan will hamper fast-growing asset class
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The U.S. Treasury Department said Friday it is proposing new requirements involving convertible virtual currencies that would require banks and other intermediaries to maintain records and submit reports to verify customer identities for certain transactions.
The Financial Crimes Enforcement Network -- a unit within Treasury that guards against money laundering -- requested comments on the proposed rules, saying they were aimed at closing loopholes that can be exploited.