FinCEN Looks to Make Changes To Regulations Controlling Offshore Crypto Holdings

By Shannon Wilson | January 11, 2021

The US Financial Crimes Enforcement Network (FinCEN) is reportedly generating a short announcement, detailing its plan to propose an adjustment in the Bank Secrecy Act. 

Specifically, the adjustment will reportedly be about the existing reporting of foreign financial accounts holding digital currency, primarily. At present, crypto assets are not included in the coverage range of the Foreign Bank and Financial Accounts regulations.

However, the announcement reportedly reads that FinCEN is looking to apply changes to these regulations. This would make it mandatory for US citizens to finalize the reporting of crypto accounts, which are kept on the platforms of offshore institutions, should the value crosses the $10,000 mark. 

The specific publication date for said amendments are yet to be disclosed. 

The announcement reportedly surfaced three weeks prior to an expected shift in leadership at the U.S. Treasury Department, following the updates from the recent presidential election, where POTUS Joe Biden’s team will reportedly take over the administration of Donald Trump’s team. 

Previously, the Treasury Department reportedly issued an update in December 2020, to supervise crypto coins being transferred from U.S. exchanges to self-hosted wallets.

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