The United States Financial Crimes Enforcement Network, or FinCEN, issued a brief note on Thursday announcing its intention to propose a change in the Bank Secrecy Act regarding reporting of foreign financial accounts holding digital currency. Currently, digital assets are not covered by the Foreign Bank and Financial Accounts regulations.
However, the notice indicates that FinCEN wishes to amend these regulations. This would require U.S. citizens to report cryptocurrency accounts held with foreign institutions if they are more than $10,000 in value.
There is no indication of when this proposal to amend the regulations may be published, simply that there is an intention to propose it.
Many in the crypto community have urged users to file comments against this proposal, which is seen by some as a parting shot against cryptocurrencies by current Treasury Secretary Steven Mnuchin.