FinCEN Showcases Interest In Offshore Crypto Holdings, Proposes New Regulation

FinCEN showcases interest in offshore crypto holdings, proposes new regulation.On Dec. 31, the United States Financial Crimes Enforcement Network, or FinCEN, released a brief note announcing its plan to recommend an amendment to the Bank Secrecy Act on the reporting of digital currency holding international financial accounts. Currently, the International Bank and Financial Accounts, or FBAR, regulations do not protect digital assets.

The notice suggests, however, that FinCEN intends to amend those regulations. This will require U.S. residents, if they are over $10,000 in value, to disclose cryptocurrency accounts kept with foreign institutions.

There is no hint as to when it is likely to publish this proposal to amend the regulations, simply that there is an intention to propose it.

The note comes just three weeks before an expected change in leadership at the U.S. Treasury Department, as the Trump administration gives way to incoming President Joe Biden’s team.

This follows another proposal by the Treasury Department earlier in December, to monitor cryptocurrencies being transferred from U.S. exchanges to self hosted wallets.

Many in the crypto community have urged users to file comments against this proposal, which is seen by some as a parting shot against cryptocurrencies by current Treasury secretary, Steven Mnuchin.

[image: Raul Najera]

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