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​US Citizens Who Hold Or Trade $10K+ Crypto May Need To Disclose Their Information

Mary Liu

Summary: The Financial Crime Enforcement Network (FinCEN) today issued a notice stating that it proposes to amend the regulations on foreign financial account (FBAR) reporting in the Bank Secrecy Act (BSA) to include virtual currency as a reportable account category. FinCEN wants U.S. citizens to report to foreign financial or virtual asset service providers whether they ...

The Financial Crime Enforcement Network (FinCEN) today issued a notice stating that it proposes to amend the regulations on foreign financial account (FBAR) reporting in the Bank Secrecy Act (BSA) to include virtual currency as a reportable account category. FinCEN wants U.S. citizens to report to foreign financial or virtual asset service providers whether they own or trade more than $10,000 in cryptocurrency. FBAR must include the account name, account number, foreign bank name and address, account type, and the maximum value held during the year.

By Mary Liu

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Link: ​US Citizens Who Hold Or Trade $10K+ Crypto May Need To Disclose Their Information   [Copy]
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