Express
US Citizens Who Hold Or Trade $10K+ Crypto May Need To Disclose Their Information
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
Tags: BSA,Cryptocurrency,FinCEN,US,Virtual Asset
Link: US Citizens Who Hold Or Trade $10K+ Crypto May Need To Disclose Their Information [Copy]
