May.20.2020. FinCEN Notice 2020-2. Jonathan Kalinski is a principal at Hochman Salkin Toscher Perez P.C., and specializes in both civil and criminal tax controversies as well as sensitive tax matters including disclosures of previously undeclared interests in foreign financial accounts and assets and provides tax advice to taxpayers and their advisors throughout the world. FinCEN even directly addressed “virtual currency” all the way back in 2013, during the early infancy of the industry. The virtual currency market continues to grow. FinCEN Director Identifies Virtual Currency Compliance Risks and COVID-19 Related Issues at Consensus 2020 Conference. This article is a review of the current FinCEN administrative rulings as they apply to the use of virtual currencies in the United States. FinCEN regulates money services businesses (“MSBs”), the ambit of which cryptocurrency exchanges fall under, along with various other crypto-related services. Blanco called for continued cooperation between the government and the virtual currency … December 18, 2020 The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of the Treasury, is requesting comments on proposed requirements for certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). This article is a review of the current FinCEN administrative rulings as they apply to the use of virtual currencies in the United States. On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) published a proposed rule change for digital currency transactions with “unhosted” wallets. FinCEN further takes aim at decentralized applications (dAPPS) and says some of them are in fact also MSBs and therefore under their jurisdiction.. FinCEN’s second issuance, The Advisory on Illicit Activity Involving Convertible Virtual Currency is arguably the most important update since the 2013 MSB guidance. You can find FinCEN’s letter of January 22, 2020 in Appendix III of the Government Accountability Office report Virtual Currencies: Additional Information Reporting and Clarified Guidance Could Improve Tax Compliance issued on February 12, 2020. A notice of proposed rulemaking (NPRM), which was made public on December 18, 2020, would require heavy compliance burdens for the numerous small businesses involved in virtual currency … 2 … The price of Bitcoin at the end of 2020 was at a historical high of approximately $28,990. FinCEN Proposes New Rule for “Unhosted” Virtual Currency Wallets By Brad Gershel on December 23, 2020 Posted in Bank , Currency Transaction Report (CTR) , Financial Crimes Enforcement Network (FinCEN) , MSB , Record Keeping , Travel Rule , Virtual Currency 1 FinCEN, Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets, Notice of Proposed Rulemaking, 85 FR 83840, Dec. 23, 2020. On May 13, 2020, the Director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, delivered remarks during the first virtual Consensus Blockchain Conference. In light of this growth, regulators are trying to apply existing compliance rules to virtual currency, even though these rules were generally written to apply to various pre-existing types of financial instruments.

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