What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations.
The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations concerning the reporting of foreign financial accounts to include digital currency as a type of reportable account. In simple terms, this means FinCEN may soon require crypto users to file annual Reports of Foreign Bank and Financial Accounts, or FBARs, for crypto held on foreign exchanges. The effects of such an amendment are expansive. A mere paragraph long, the notice carries several implications that affect crypto owners — well beyond a simple FBAR report.Presently, cryptocurrency accounts are not reportable accounts within the meaning of the FBAR regu
Źródło: https://cointelegraph.com/news/the-crypto-fbar-implications-beyond
