To avoid business, government, and. Here are some common investment. But scammers are also impersonating ways to steal your money using cryptocurrency. Confused about cryptocurrencies, like bitcoin.
But under certain circumstances, the same asset can be offered and sold in a way that causes investors to have a reasonable expectation of profits based on the efforts of others. In July of , the OCC affirmed in an interpretive letter that national banks and savings associations can provide custody services for cryptocurrency. On December 31, , FinCEN issued a notice stating that it intends to amend regulations implementing the BSA to include virtual currencies as a type of reportable account for the requirement to file a Report of Foreign Bank and Financial Accounts. The IRS requires, on Form , for each virtual currency transaction, the following information be disclosed: i a description of the amount and type of virtual currency sold; ii the date acquired; iii the date the virtual currency was sold; iv the amount of proceeds from the sale; v the cost or other basis ; and vi the amount of the gain or loss.
