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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The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets. FinCEN’s New Crypto Rules FinCEN, a bureau of the U.S. Department of the Treasury, issued a notice on Thursday regarding a new filing requirement for cryptocurrencies. FinCEN detailed: Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of....
The Financial Crimes Enforcement Network wants U.S. persons who hold crypto in offshore accounts to report holdings over $10,000.
The U.S. Treasury bureau proposed a rule that would require cryptocurrency exchanges to submit reports on withdrawals to “unhosted wallets.” The post FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets appeared first on Bitcoin Magazine.
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....
FinCEN, The US Department of Treasury Financial Crimes Enforcement Network, has issued a ruling that tries to clear up what could be a problem for Bitcoin mining. The problem is explained by whether someone who mines Bitcoins for themselves can trade the Bitcoins for fiat money at an exchange or spend them without being classified as a Money Service Business (which forces the miner to register with FinCEN). Many Bitcoin miners have been concerned that tough regulation from FinCEN would mean that they would have to require an auditor staff, hence making it hard for individuals to mine....