What is the minimum account balance required for cryptocurrency trading on FBAR?

3 answers

• Jan 15, 2022 · 3 years ago
  The minimum account balance required for cryptocurrency trading on FBAR is $10,000. This is the threshold set by the Financial Crimes Enforcement Network (FinCEN) for reporting foreign financial accounts. If your cryptocurrency trading account on FBAR has a balance of $10,000 or more at any point during the year, you are required to report it on your FBAR filing.
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• Jan 15, 2022 · 3 years ago
  To engage in cryptocurrency trading on FBAR, you need to have a minimum account balance of $10,000. This requirement is in place to ensure compliance with anti-money laundering regulations. If your account balance exceeds this threshold at any time during the year, you must report it on your FBAR.
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• Jan 15, 2022 · 3 years ago
  According to the regulations set by FBAR, the minimum account balance required for cryptocurrency trading is $10,000. This means that if your account balance reaches or exceeds $10,000 at any point during the year, you are obligated to report it on your FBAR filing. It's important to stay compliant with these regulations to avoid any penalties or legal issues.
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