Report of Foreign Bank and Financial Accounts (FBAR) Filing Requirement for Virtual Currency
FinCEN Notice 2020-2
Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of reportable account. (See 31 CFR 1010.350(c)). For that reason, at this time, a foreign account holding virtual currency is not reportable on the FBAR (unless it is a reportable account under 31 C.F.R. 1010.350 because it holds reportable assets besides virtual currency). However, FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account under 31 CFR 1010.350.Note to my readers: this is the output from using a different WordPress paste function (“Paste without Formatting”) – gonna try that in the new year for those things that come out in a tiny font size (which is why I’ve been changing them to a small font size heading setting, which unfortunately changes them to all upper case).