FinCEN Will Require Persons to Report Virtual Currency as Part of Foreign Bank and Financial Accounts and Will Require Recordkeeping for Transfers into Crypto Wallets

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Wednesday, January 13, 2021
Author: 
Bruce Zagaris
Volume: 
37
Issue: 
1
Abstract: 

FinCEN is moving rapidly for reporting crypto currency and assets in two regulatory projects. FinCEN will require reporting of virtual currency held in a foreign account. In addition, FinCEN will require reports, recordkeeping, and verification of the identity of customers in relation to transactions involving convertible virtual currency (“CVC”) or digital assets with legal tender status (“legal tender digital assets” or “LTDA”) held in unhosted wallets  or held in wallets hosted in a jurisdiction identified by FinCEN.