The United States is considering amending the Bank Secrecy Act to strengthen reporting requirements for financial institutions regarding cryptocurrency transactions

2024-08-19 17:06:48

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ChainCatcher news, according to Cointelegraph, the U.S. Department of the Treasury (DOT) released a semi-annual regulatory agenda on August 16, revealing that the federal government is set to create a fair regulatory environment for both cryptocurrencies and traditional fiat currencies. The Federal Reserve Board (FRS) and the Financial Crimes Enforcement Network (FinCEN) plan to amend the definition of "currency" used in the Bank Secrecy Act (BSA) to strengthen reporting requirements for financial institutions regarding domestic and cross-border cryptocurrency transactions.

According to the agenda: "These agencies hope that the revised proposal will ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currencies, which are a medium of exchange (such as cryptocurrencies) that have value equivalent to or can substitute for currency but lack legal tender status."

The proposal will also extend reporting requirements to digital assets with legal tender status, including central bank digital currencies (CBDCs). The final notice for the proposed rulemaking is currently scheduled to be published in September 2025, pending approval.

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