The USA announced that it has brought a new regulation to crypto money investors with its statement on New Year’s Eve.
According to Coindesk’s report, the Financial Crimes Enforcement Network (FinCEN), the wing of the US Treasury Department tasked with monitoring possible legal violations of local financial laws, is asking Americans to report whether they have accumulated more than $ 10,000 of cryptocurrency on foreign financial or virtual asset service providers.
In a rule statement published on New Year’s Eve, FinCEN announced its intention to amend the Foreign Bank and Financial Accounts (FBAR) regulations of the Bank Privacy Act. “FinCEN intends to propose to amend the regulations implementing the Bank Privacy Act (BSA) on reporting foreign financial accounts (FBAR) to include virtual currency as a reportable account type,” the brief statement released on Thursday said.
A timeline for when this new proposal can be published or implemented has not been provided yet. The rule change seems to have an impact on users of cryptocurrency exchanges such as Bitstamp and Bitfinex.