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FinCEN Withdraws Proposed Crypto Travel Rule Expansion

FinCEN and the Federal Reserve Board announced the withdrawal of a proposed expansion of US recordkeeping and Travel Rule requirements. The proposal would have covered certain convertible virtual currency and digital-asset transfers and lowered a threshold for transfers beginning or ending outside the United States. The withdrawal stops that proposal in its existing form; it does not repeal the Travel Rule or remove existing anti-money-laundering obligations.

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