{"id":1503,"date":"2021-01-08T11:11:21","date_gmt":"2021-01-08T15:11:21","guid":{"rendered":"http:\/\/ielrblog.com\/?p=1503"},"modified":"2021-01-08T11:46:43","modified_gmt":"2021-01-08T15:46:43","slug":"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","status":"publish","type":"post","link":"https:\/\/ielrblog.com\/index.php\/2021\/01\/08\/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\/","title":{"rendered":"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"},"content":{"rendered":"

FinCEN is moving rapidly for reporting crypto currency and assets.<\/p>\n

Reporting Virtual Currency on FBARs <\/em><\/p>\n

On December 31, 2020, the Department of Treasury\u2019s Financial Crimes Enforcement Network (FinCEN) in a notice stated<\/a> it intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) \u00a0on IRS FinCEN Form 114<\/a> to include virtual currency as a type of reportable account under 31 C.F.R. \u00a7 1010.350.<\/p>\n

At present, FBAR regulations do not define a foreign account holding virtual currency as a type of reportable account.[1]<\/a>\u00a0 As a result, a person with a foreign account holding virtual currency need not report such as holding on the FBAR unless it is a reportable account under 31 C.F.R. \u00a7 1010.350 because it holds reportable assets in addition to virtual\u00a0 currency.<\/p>\n

It remains to be seen how virtual currency will be reported on the FBAR.\u00a0 Because FBAR penalties may be as high as 50 percent of an account\u2019s highest balance per violation, the stakes are high.<\/p>\n

Meanwhile, the Internal Revenue Service 2019 Form 1040 Schedule 1 added a question, inquiring whether taxpayers received, sold, sent, exchanged, or acquired a financial interest in virtual currency.\u00a0 The recordkeeping for tax purposes alone on virtual currency is very challenging.<\/p>\n

On December 31, 2020, the IRS issued draft instructions<\/a>\u00a0 on what constitutes reportable virtual currency transactions.\u00a0 The instructions provide more guidance than did the previous version released October 23, 2020.\u00a0 However, many tax attorneys have criticized the new guidance.[2]<\/a><\/p>\n

Recordkeeping on Crypto Wallets<\/em><\/p>\n

FinCEN will propose to amend the regulations implementing the Bank Secrecy Act (BSA) concerning reports of\u00a0 foreign financial accounts (FBAR) to include virtual currency as a type of reportable account under 31 CFR 1010.350.<\/p>\n

On December 23, 2020,\u00a0 FinCEN issued a notice of proposed rulemaking<\/a> requesting public comments on a proposal to require banks and money service businesses (\u201cMSBs\u201d) to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency (\u201cCVC\u201d) or digital assets with legal tender status (\u201clegal tender digital assets\u201d or \u201cLTDA\u201d) held in unhosted wallets\u00a0 or held in wallets hosted in a jurisdiction identified by FinCEN. FinCEN is proposing to adopt these requirements pursuant to the Bank Secrecy Act (\u201cBSA\u201d).<\/p>\n

FinCEN proposes to prescribe by regulation that CVC and LTDA are \u201cmonetary instruments\u201d for purposes of the BSA. However, FinCEN does not propose\u00a0 to change\u00a0 the regulatory definition of \u201cmonetary instruments\u201d or otherwise alter existing BSA regulatory requirements applicable to \u201cmonetary instruments\u201d in FinCEN\u2019s regulations, including the existing currency transaction reporting (\u201cCTR\u201d) requirement and the existing transportation of currency or monetary instruments reporting requirement.<\/p>\n

FinCEN is providing a 15-day period for public comments with respect to this proposed rule.<\/p>\n

Analysis<\/em><\/p>\n

Although there are many important technical and procedural issues, including whether Treasury is affording sufficient time for comments on the new regulations, the bottom line is that Treasury and other law enforcement agencies believe significant amount of crime is occurring due to the lack of transparency surrounding virtual currencies and digital assets, especially in international transactions.<\/p>\n

The current issue of the IELR will have a more comprehensive discussion of these two regulatory initiatives.<\/p>\n

[1]<\/a>\u00a0\u00a0\u00a0 See<\/em> 31 CFR 1010.350(c).<\/p>\n

[2]<\/a> \u00a0\u00a0\u00a0Kirstin Parillo, New Draft 1040 Instructions Add More Crypto Details<\/em>, Tax Notes Today \u00a0Int\u2019l 2021 TNTI 5-3, Jan. 8, 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

FinCEN is moving rapidly for reporting crypto currency and assets. Reporting Virtual Currency on FBARs On December 31, 2020, the Department of Treasury\u2019s Financial Crimes Enforcement Network (FinCEN) in a notice stated it intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) \u00a0on IRS […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[33,45,14,164,5,4,80,115,83,99,46,3,11,63],"tags":[],"class_list":{"0":"post-1503","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-cybercrime","7":"category-cybercrime-and-cryptocurrency","8":"category-data-privacy","9":"category-financial-intelligence","10":"category-international-tax-enforcement-cooperation","11":"category-money-laundering-and-bank-secrecy","12":"category-national-security","13":"category-ounterterrorism-financial-enforcement","14":"category-sanctions","15":"category-tax-controversy","16":"category-tax-crime-enablers","17":"category-transnational-corruption-money-laundering-and-asset-forfeiture","18":"category-transnational-organized-crime-cybercrime-narcotics","19":"category-transparency-and-governance","20":"entry"},"yoast_head":"\nFinCEN Will Require Persons to Report Virtual Currency as Part of Foreign Bank and Financial Accounts and Will Require Recordkeeping for Transfers into Crypto Wallets | IELR Blog<\/title>\n<meta name=\"description\" content=\"US Treasury FinCEN is issuing rules to for the first time require persons to report virtual currency on their foreign bank account reports, even though the reporting is complicated and carry severe penalties when they are violated. 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