FinCEN is now interested in offshore crypto holdings, proposes new regulation
Cointelegraph
Published Jan 01, 2021 05:17AM ET
Updated Jan 01, 2021 07:00AM ET
The United States Financial Crimes Enforcement Network, or FinCEN, issued a brief note on Dec. 31, announcing its intention to propose a change in the Bank Secrecy Act, regarding reporting of foreign financial accounts holding digital currency. Currently, digital assets are not covered by the Foreign Bank and Financial Accounts, or FBAR, regulations.
However, the notice indicates that FinCEN wishes to amend these regulations. This would require U.S. citizens to report cryptocurrency accounts held with foreign institutions, if they are more than $10,000 in value.
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Written By: Cointelegraph
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