FinCEN has proposed to tighten reporting requirements for bitcoin transactions The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department and the Federal Reserve propose to reduce the amount of a transaction from which it becomes necessary to collect reports when carrying out financial transactions, including cryptocurrencies.

FinCEN has proposed to tighten reporting requirements for bitcoin transactions The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department and the Federal Reserve propose to reduce the amount of a transaction from which it becomes necessary to collect reports when carrying out financial transactions, including cryptocurrencies.

FinCEN proposes to tighten reporting requirements for bitcoin transactions

The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department and the Federal Reserve propose to reduce the amount of the transaction, from which it becomes necessary to collect reports in the implementation of financial transactions, including cryptocurrency.

"The proposed change will lower this limit from $ 3,000 to $ 250 for transfers of funds that begin or end outside the United States," the document says. At the same time, it is planned to keep the current criterion of $ 3,000 for internal transactions..

The authorities note that the proposed changes also apply to transactions in cryptocurrencies such as bitcoin. They explain that “money” in this context means, among other things, “convertible virtual currencies” that act as an equivalent or substitute for a currency, but do not have an official status, as well as “digital assets, legal tender ".

The Financial Action Task Force (FATF) requires financial institutions to exchange customer information when transactions exceed a certain size. In 2019, this category included cryptocurrency exchanges.

FinCEN fined bitcoin mixer operator $ 60 million earlier this week.
FinCEN has proposed to tighten reporting requirements for bitcoin transactions The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department and the Federal Reserve propose to reduce the amount of a transaction from which it becomes necessary to collect reports when carrying out financial transactions, including cryptocurrencies.

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