{"id":106824,"date":"2021-01-01T19:33:42","date_gmt":"2021-01-01T19:33:42","guid":{"rendered":"https:\/\/precoinnews.com\/?p=106824"},"modified":"2021-01-01T19:33:42","modified_gmt":"2021-01-01T19:33:42","slug":"fincen-seeks-info-on-us-citizens-offshore-bitcoin-holdings","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/fincen-seeks-info-on-us-citizens-offshore-bitcoin-holdings\/","title":{"rendered":"FinCEN Seeks Info on US Citizens\u2019 Offshore Bitcoin Holdings"},"content":{"rendered":"<h3>Key Takeaways<\/h3>\n<ul>\n<li>FinCEN has proposed amending its current foreign asset reporting rules to include cryptocurrencies.<\/li>\n<li>The proposed amendment will affect U.S. citizens that hold crypto assets in offshore accounts or exchanges.<\/li>\n<li>The rule will apply to foreign crypto holdings over $10,000 in value.<\/li>\n<\/ul>\n<p><span>As per a new proposal by FinCEN, U.S. citizens will have to disclose any cryptocurrencies held in offshore accounts.<\/span><\/p>\n<h2><span>Overseas Americans on FinCEN&rsquo;s Radar<\/span><span><br \/><\/span><\/h2>\n<p><span>The Financial Crimes Enforcement Network (FinCEN) under the U.S. Treasury released a <\/span><span>notice<\/span><span>&nbsp;in which the regulator proposed changing its foreign asset reporting <\/span><span>rules<\/span><span> to include cryptocurrencies.<\/span><\/p>\n<p><span>If passed, the rule will enforce action against U.S. cryptocurrency users who may hold unreported crypto assets over $10,000 on overseas trading <\/span><span>exchanges<\/span><span> and other financial service providers.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/banner_042720_300x250-winning-in.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/oraclized_money_300x250.jpg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/adaptive_money_300x250.jpg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/simetri.cryptobriefing.com\/wp-content\/uploads\/2020\/05\/okcoin-MREC.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/simetri.cryptobriefing.com\/wp-content\/uploads\/2020\/05\/okcoin-MREC-2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/banner_042720_300x250-beating-the-crypto-market.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/04\/300x250-Pro-BTC.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/05\/OKCOIN-MREC-build-btc-2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/05\/MREC-blue-r.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/060420-Cred-Banner-MREC-A.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/060420-Cred-Banner-MREC-B.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/07\/OKCOIN_MREC_070620.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/08\/082520-Phemex_MREC_B_trade_10_off.jpeg\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/08\/081820-MREC-minimalistic.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/08\/081820-MREC-smallcaps.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/09\/093020-MREC-484.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/120920-Gemini_MREC_Join_the_crypto_exchange_2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/banner_122320_300x250-crypto-projects-10x-potential.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/11\/Nexo_earn_logo_300x250_x2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/lh3.googleusercontent.com\/XEOh5Gn1rqlL_l03wwpfTrwZJe6YHUcGwz-4rTWM6LEclSJfNnJ-NJxNtYRuDw2WIDrDpdX8ybGMVvaRGTQUbBsCvUwlpiw3wuRAw0M11OIz20RlKhLencQtkjgstIUZVS5y95Y8\"><\/p>\n<p><span>Under the Bank Secrecy Act, each year, U.S. citizens have to disclose their offshore financial accounts that hold assets (cash, stocks, bonds, mutual funds, and currencies) over $10,000. The reporting is done by filing a Foreign Bank and Financial Accounts (<\/span><span>FBAR<\/span><span>) Report with FinCEN. <\/span><span><br \/><\/span><span><br \/><\/span><span>However, at the moment, the list of reportable assets does not include cryptocurrencies. The regulator would like to change this.&nbsp;<\/span><\/p>\n<p><span>According to Jake Chervinsky, General Counsel at <\/span><span>Compound<\/span><span>, the new FinCEN rule aims to bring the U.S. crypto industry in line with the Bank Secrecy Act and improve <\/span><span>tax<\/span><span> reporting norms.<\/span><\/p>\n<p><span>This is FinCEN&rsquo;s second proposed rule change within a short span of time, focusing on the crypto industry. On Dec. 23, the regulator <\/span><span>proposed<\/span><span> in a notice that self-hosted cryptocurrency wallets in the U.S. would have to fulfill KYC norms, a controversial rule that has seen heavy <\/span><span>opposition<\/span><span>.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-c@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-d@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-e@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/06\/CB-desk-300x250-f@2x.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/07\/Celsius_AZ_Banner_Large_20200721-1.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/11\/Nexo_earn_logo_300x250_x2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/120920-Gemini_MREC_Join_the_crypto_exchange_2.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cryptobriefing.com\/wp-content\/uploads\/2020\/12\/banner_122320_300x250-crypto-projects-10x-potential.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/a.impactradius-go.com\/display-ad\/12209-931979\"><\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p>Source: <a href=\"https:\/\/cryptobriefing.com\/fincen-us-citizens-offshore-bitcoin-holdings\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways FinCEN has proposed amending its<\/p>\n","protected":false},"author":3,"featured_media":106823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FinCEN Seeks Info on US Citizens\u2019 Offshore Bitcoin Holdings - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/fincen-seeks-info-on-us-citizens-offshore-bitcoin-holdings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinCEN Seeks Info on US Citizens\u2019 Offshore Bitcoin Holdings - 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