US citizens holding cryptocurrency on foreign exchanges must report assets over $50,000 on Form 8938 under FATCA. Failure to report can lead to heavy penalties. New rules may soon require crypto to be included in FBAR too.
US citizens holding cryptocurrency on foreign exchanges must report assets over $50,000 on Form 8938 under FATCA. Failure to report can lead to heavy penalties. New rules may soon require crypto to be included in FBAR too.