Express

FinCEN Wants Americans To Report Offshore Crypto Accounts

Amy Liu

Summary: The US Financial Crimes Enforcement Network (FinCEN) says it plans to require Americans to disclose whether they hold $10,000 or more in cryptocurrency in offshore accounts. The agency published a notice on the change, which will amend the Bank Secrecy Act (BSA). Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not ...

The US Financial Crimes Enforcement Network (FinCEN) says it plans to require Americans to disclose whether they hold $10,000 or more in cryptocurrency in offshore accounts. The agency published a notice on the change, which will amend the Bank Secrecy Act (BSA). Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of reportable account. 

By Amy Liu

Last Update:

Tags: ,,,
Link: FinCEN Wants Americans To Report Offshore Crypto Accounts   [Copy]
Next:

Related Articles

  • Will Introduction of the Stablecoin Act Trigger a Financial Tsunami? 12 hours ago
  • Trump Just Opened the Floodgates: What Happens When $9 Trillion in Retirement Money Hit... 3 days ago
  • US Crypto Stash Shock: Marshals' Low BTC Count Fuels 'Secret Sale' Debate, Ignites Buyb... 4 days ago
  • Mini Altcoin Season Brewing? Old Guard's Rally Signals Potential Shift 6 days ago
  • New All-Time High for BTC: Weekly Market Outlook & Strategy 7 days ago

    • You need to login to comment.