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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

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