The USA Monetary Crimes Enforcement Community, or FinCEN, issued a short note on Dec. 31, saying its intention to suggest a change within the Financial institution Secrecy Act, relating to reporting of overseas monetary accounts holding digital forex. At the moment, digital property aren’t coated by the International Financial institution and Monetary Accounts, or FBAR, rules.

Nevertheless, the discover signifies that FinCEN needs to amend these rules. This could require U.S. residents to report cryptocurrency accounts held with overseas establishments, if they’re greater than $10,000 in worth.

There isn’t a indication of when this proposal to amend the rules could also be revealed, merely that there’s an intention to suggest it.

The observe comes simply three weeks earlier than an anticipated change in management on the U.S. Treasury Division, because the Trump administration offers method to incoming President Joe Biden’s crew.

This follows one other proposal by the Treasury Division earlier in December, to observe cryptocurrencies being transferred from U.S. exchanges to self hosted wallets.

Many within the crypto group have urged customers to file feedback in opposition to this proposal, which is seen by some as a parting shot in opposition to cryptocurrencies by present Treasury secretary, Steven Mnuchin.