FinCEN is now interested in offshore crypto holdings, proposes new regulation
The United States Financial Crimes Enforcement Network, or FinCEN, provided a brief note on Dec. 31, revealing its intent to propose a modification in the Bank Secrecy Act, regarding reporting of foreign monetary accounts holding digital currency. Presently, digital properties are not covered by the Foreign Bank and Financial Accounts, or FBAR, regulations.However, the notice suggests that FinCEN wants to modify these regulations. This would require U.S. residents to report cryptocurrency accounts held with foreign institutions, if they are more than $10,000 in value.There is no indication of when this proposal to modify the regulations may be released, merely that there is an intent to propose it.The note comes simply three weeks before a predicted modification in leadership at the U.S. Treasury Department, as the Trump administration paves the way to incoming President Joe Bidens team.This follows another proposal by the Treasury Department previously in December, to monitor cryptocurrencies being transferred from U.S. exchanges to self hosted wallets.Many in the crypto neighborhood have actually urged users to file remarks against this proposal, which is seen by some as a parting shot against cryptocurrencies by existing Treasury secretary, Steven Mnuchin.Title: FinCEN is now thinking about offshore crypto holdings, proposes brand-new regulationSourced From: cointelegraph.com/news/fincen-is-now-interested-in-offshore-crypto-holdings-proposes-new-regulationPublished Date: Fri, 01 Jan 2021 10:17:00 +0000
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