The Financial Crimes Enforcement Network (FinCEN) announced in FinCEN Notice 2020-2[1] that the agency plans to revise the regulations implementing the Bank Secrecy Act (BSA) to expand reportable accounts for FBAR reporting.

The Notice states:

Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of reportable account. (See 31 CFR 1010.350(c)). For that reason, at this time, a foreign account holding virtual currency is not reportable on the FBAR (unless it is a reportable account under 31 C.F.R. 1010.350 because it holds reportable assets besides virtual currency). However, FinCEN intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account under 31 CFR 1010.350.[2]

The Notice is rather short on details, including the key issue of when FinCEN plans to publish these revisions and when they would take effect.

[1] FinCEN Notice 2020-2, December 31, 2020, https://www.fincen.gov/sites/default/files/shared/Notice-Virtual%20Currency%20Reporting%20on%20the%20FBAR%20123020.pdf#page=1&zoom=auto,-90,792 (retrieved January 1, 2021)

[2] FinCEN Notice 2020-2