FinCEN is now interested in offshore crypto holdings, proposes new regulation

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.

There is no indication of when this proposal to amend the regulations may be published, simply that there is an intention to propose it.

The note comes just three weeks before an expected change in leadership at the U.S. Treasury Department, as the Trump administration gives way to incoming President Joe Biden’s team.

This follows another proposal by the Treasury Department earlier in December, to monitor cryptocurrencies being transferred from U.S. exchanges to self hosted wallets.

Many in the crypto community have urged users to file comments against this proposal, which is seen by some as a parting shot against cryptocurrencies by current Treasury secretary, Steven Mnuchin.

Title: FinCEN is now interested in offshore crypto holdings, proposes new regulation
Sourced From: cointelegraph.com/news/fincen-is-now-interested-in-offshore-crypto-holdings-proposes-new-regulation
Published Date: Fri, 01 Jan 2021 10:17:00 +0000

Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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