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

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

Eleventh hour note announces intention to propose a change in Foreign Bank and Financial Accounts regulations. 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....


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