The Unhosted Crypto Wallet Rule Is Back

The Unhosted Crypto Wallet Rule Is Back
A controversial proposed rule that would enforce know-your-customer rules on unhosted or self-hosted crypto wallets may again be under consideration by the U.S. federal government.The rule was first proposed at the end of 2020 by the Financial Crimes Enforcement Network (FinCEN), the U.S. money laundering watchdog. If enacted, crypto exchanges would be required to collect names and home addresses, among other personal details, from anyone hoping to transfer cryptocurrencies to their own private wallets.Industry advocates said they were concerned that the rules might be impossible for certain wallets to comply with because they are not controlled by people and therefore…