FINRA Has Extended the Deadline for Cryptocurrency Reporting for its Members

FINRA Has Extended the Deadline for Cryptocurrency Reporting for its Members

The United States Financial Institutions Agency (FINRA) has extended the deadline for member companies to submit information on cryptocurrency-related activities.

Last year, the US self-regulatory broker-dealer organization turned
to its members with a request to provide information related to their activities in the field of cryptocurrency. As the deadline for this notice expires on July 31, FINRA issued a report at the end of last week, extending the deadline to the same date in 2020. The new notice states:

“As securities regulators continue to advise members on unique regulatory issues related to digital assets, FINRA believes it is important to continue to liaise with participants on this issue.”

FINRA assumes that companies must report actions such as buying, selling and conducting transactions with digital assets, ICO, cryptocurrency derivatives or funds investing in digital assets.

Among other things, the notice also lists advisory services, joint investment funds offering trading or storage services, mining cryptocurrencies, and accepting cryptocurrencies as payment. The organization states that any use of the blockchain should also be included in the report.

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SEC and FINRA explained earlier this month
its position on the approval of cryptocurrency brokers-dealers.


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