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FinCEN Wants US Citizens to Disclose Offshore Crypto Holdings of $10K+

 



The Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury Department wing tasked with monitoring potential legal violations of domestic financial laws, wants Americans to report if they have more than $10,000 in cryptocurrencies with foreign financial or virtual asset service providers.


FinCEN announced its intention to amend the Bank Secrecy Act’s Foreign Bank and Financial Accounts (FBAR) regulations in a rulemaking notice published on New Year’s Eve, just three weeks before the Treasury Department’s leadership is expected to change.

According to a brief notice published Thursday, “FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account.” 

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