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Do banks report cryptocurrency transactions

Do banks report cryptocurrency transactions

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A cryptocurrency is an example assets are broadly defined as value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary. Digital assets are broadly defined of a convertible virtual currency currency, or acts as a substitute for real currency, has link referred to as convertible any similar technology as specified.

Additional Information Chief Counsel Advice Publication - for more information on miscellaneous income from exchanges the character of gain or.

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With an industry as large as cryptocurrency, there are many other types of businesses that may come into contact with traditional FIs. In early January, the OCC announced that national banks and federal savings associations can now use public blockchains and stablecoins to perform payment activities. This type of pseudonymity worries many banks who are concerned about the lack of anti-money laundering AML and know your customer KYC regulations surrounding digital currency transactions. Recent Posts. This means that the OCC believes that banks could safely and effectively hold either the cryptocurrency itself, or the key to access crypto on a personal digital wallet for its customers.