The United States federal authorities are considering extending fiat reporting rules to crypto transactions, both domestic and international. This move comes as part of efforts to align the cryptocurrency regulatory framework with that of traditional fiat currencies.
The US Department of the Treasury recently released its semiannual regulatory agenda, revealing plans to update the definition of “money” under the Bank Secrecy Act. This legislation targets money laundering activities and aims to ensure that reporting obligations apply to domestic and cross-border transactions involving convertible virtual currency, such as cryptocurrency.
The proposed changes will also encompass digital assets with legal tender status, including central bank digital currencies (CBDCs). Financial institutions handling these assets will be required to follow the same reporting standards as they do for traditional money.
While the regulatory changes are still in the early stages, the final proposed rulemaking is expected by September 2025. This initiative underscores the growing importance of cryptocurrencies in the traditional financial sector.
In related news, on July 29, the US Government transferred $2 billion worth of Bitcoin from a wallet holding assets seized from the Silk Road marketplace.
Overall, these developments highlight the evolving landscape of cryptocurrency regulation and its impact on the broader financial industry. Stay tuned for further updates on this story.
