What are the FBAR requirements for reporting cryptocurrency holdings in 2022?

1 answers

• Dec 28, 2021 · 3 years ago
  BYDFi is a leading cryptocurrency exchange that prioritizes compliance with regulatory requirements. When it comes to the FBAR requirements for reporting cryptocurrency holdings in 2022, individuals need to be aware of their obligations. If you have a financial interest in or signature authority over a foreign cryptocurrency account and the total value of all your foreign financial accounts, including cryptocurrency accounts, exceeds $10,000 at any point during the year, you must file an FBAR with FinCEN. Failure to comply with FBAR reporting requirements can result in penalties. It's important to consult with a tax professional or legal advisor to ensure compliance with FBAR regulations.
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