Saudi Press

Saudi Arabia and the world
Saturday, Aug 22, 2026

U.S. Treasury Proposes New Reporting on Virtual-Currency Transfers

U.S. Treasury Proposes New Reporting on Virtual-Currency Transfers

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.

“The rule, which applies to financial institutions and is consistent with existing requirements, is intended to protect national security, assist law enforcement, and increase transparency while minimizing impact on responsible innovation,” Treasury Secretary Steven Mnuchin said in a statement.

Concerns over money laundering and the ability of financial firms to know the identities of their crypto clients have been at the forefront as Washington has weighed how to regulate digital assets. While critics say that instruments like Bitcoin make the illicit transfer of funds easier, crypto advocates say that the network of digital ledgers known as the blockchain allows money to be traced more easily than cash and can actually help law enforcement.

The Treasury said it will take public comment for 15 days on the plan, which is certain to draw widespread criticism from the cryptocurrency industry. The added restrictions would place a series of new burdens on crypto exchanges and other firms involved in the transfer of digital assets.

The focus of the rule is on so-called unhosted wallets that are not held on a registered exchange or by a bank. The new regulation would effectively require exchanges sending money to one of these self-hosted wallets, which are not held in an exchange or bank, to take a series of compliance steps which could be costly and time consuming.

“The ability for individuals to engage in digital peer-to-peer transactions is the foundation of the crypto economy,” said Kristin Smith, head of the Blockchain Association. “Undercutting that ability with last-minute rulemaking in the twilight days of an outgoing administration is not the way to make the type of long-lasting, responsive regulations that will support the safe growth of this industry in the U.S.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Cristiano Ronaldo and Georgina Rodríguez Sign Prenup Protecting Their Separate Fortunes
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Jorge Messi, Lionel Messi’s Father and Longtime Agent, Dies at 68
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
Meta Raises AI Spending Target to as Much as $145bn Despite Pressure Over Returns
Joe Biden’s Cancer Has Spread Beyond His Bones, Hunter Biden Says
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Why Markets May Look Quiet in August After Big Tech Earnings
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
UFO: Pentagon Releases Video of Unidentified Object Tracked Over Middle East
Ukraine Tells Senate Republicans Its Drone War Offers a Blueprint for America
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Saudi Arabia, Turkey and Pakistan Sign Mutual-Defence Pact
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
A SpaceX Rocket Is About to Crash Into the Moon — and Scientists Hope to Watch
Modern Slavery Decisions Broaden the Al Fayed Inquiry’s Frame
FIFA’s Retreat Leaves a Larger Question Over Who Guards the Game
Finland Deploys Commercial-Scale Thermal Batteries Using Crushed Rock to Store Renewable Grid Energy
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
US Says It Has Carried Out Heavy Strikes on Iran After Attempted Attacks on Its Forces
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
Arrest Warrant Issued in Lebanon for Tycoon Spotted Meeting Netanyahu in Washington
Trump says Israel ‘would not survive’ without US
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Pentagon Discloses Nearly 100 US Troop Injuries During Renewed Iran Fighting
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Spain Defeats Argentina in Extra Time to Win Second World Cup
Turkey Explores S-400 Transfer to UAE in Bid to Rejoin F-35 Program
US Retaliates Against Iran After Two American Troops Killed in Jordan
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Iran Claims It Destroyed Bahrain’s Main Artificial Intelligence Center in Missile and Drone Strike
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
Reported CIA Mission Helped Clear the UAE’s Path to Advanced US AI Chips
Artificial Intelligence Capital Fuels Markets While Governments and Regulators Face Mounting Strategic Tests
China’s Moonshot’s Kimi K3 Narrows the Gap With Anthropic Through Scale, Openness and Lower Cost
Gold and Cash Seizure Puts Indonesia’s Senior Anti-Corruption Prosecutor Under Investigation
The Ledger Will Not Trust on Faith
Passenger Bound for Germany Refused to Sit Beside a Woman on a Plane — Then Slapped a Flight Attendant
Ukraine’s Leadership Rift Spills Into the Streets as Protesters Target Army Chief
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
×