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Yesterday, on 18 December 2020 FinCEN(Finanacial Crime Enforcement) publishes the Notice of Proposed RuleMaking in their press release about the cryptocurrency Regualtions. It is very important updates for all the crypto ethuniasts in US and for whole world as this regulations will be used as reference for many countries affecting all the crypto community. Currently they are expecting comments(24 Questions are there ,in which concerned parties can give feedback) about the anouncement and soon it will be implemented. Basically, they are implementing this updates for stopping the illicit activity happening with involvement of CryptoCurrency. They had mentioned that they are positive towards the devleopment of Financial services and new innovation but in regulatory manners. The report is very detailed and lengthy(72Pages), Let me summarise the main aspects. What Exactly will be changes after this ? Crypto Exchanges and Banks need to give a report to FinCEN about the sender information and reciever information only if the reciever is using the Non-Custodial Wallets and the amount of transation is more than 10,000$ within 24 hours. Crypto Exchanges need to keep a record of sender information and reciever information only if reciever is using Non-Custodial wallets and the amount of transation amount is more than 3,000$. All MSB(Money Service Businness) will need to go through Legal Proces and need to be registered under the certain act for working. Banks and MSB need to verify the identity of Customers which are part of exchanging Crypto Curency. Sender Information Includes: Name and Adress of Users(Verified) CryptoCurrency Used and USD worth value and Time of transaction Other all infomation Involved in the Transaction Reciever Information Includes Name and Physical Address It's quite interesting that how exchanges will know the reciver details if he/she is using Non-Custodial wallet. Maybe at the time of withdrawl to bank from Non-Custodial wallets , they will track that.(I'm not sure how this will work but this annoucement is announced already and will be implemented after further feedback). You can go through the below reports for detailed review. What do you think about this announcemnt from FinCEN, (FinCEN is part of US Department of Treasury)? I am wondering how, De-Fi services will work after all of this? Please share your views in reply. Related Links: Link to this Press Release: https://home.treasury.gov/news/press-releases/sm1216 NPRM (PDF)-https://public-inspection.federalregister.gov/2020-28437.pdf FAQ Answered: https://home.treasury.gov/system/files/136/2020-12-18-FAQs.pdf