The United States’ Financial Crimes Enforcement Network (FinCEN) issued a brief notice on December 31st announcing its intention to propose an amendment to the bank secrecy law with respect to financial account reporting. foreign in digital currencies. Currently, digital assets are not covered by foreign banking and financial account regulations or FBAR.
However, The notice shows that FinCEN wants to change these regulations. This would require US citizens to report their cryptocurrency accounts to overseas institutions if they are worth more than $ 10,000.
There is no indication of when this proposed change to the rules may be published;; It is only known that this is the intent to propose.
The note comes just three weeks before the expected change in leadership at the U.S. Treasury Department.. as the Trump administration gives way to new President Joe Biden’s team.
This follows another proposal from the finance department in early December Take control of the cryptocurrencies that are being transferred by US exchanges to wallets where self-hosting is done.
Many members of the crypto community have encouraged users to comment on this proposal. This is viewed by some as a farewell shot against cryptocurrencies by current Treasury Secretary Steven Mnuchin.
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