FinCEN IS NOW INTERESTED IN OFFSHORE CRYPTO HOLDINGS AND PROPOSES NEW REGULATION

On 1 January, the Coin Telegraph reported that FinCEN has issued a notice 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.  FinCEN wishes to amend regulations and would require US citizens to report cryptocurrency accounts held with foreign institutions, if they are more than $10,000 in value.

https://cointelegraph.com/news/fincen-is-now-interested-in-offshore-crypto-holdings-proposes-new-regulation

If you would like to make a (polite) gesture and make a (very) modest contribution to my ongoing with my relocation, removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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