FEC adds cryptocurrencies to their real estate purchase requirements

The US Financial Crimes Enforcement Network (FinCEN) announced that is has revised its issuance of Geographic Targeting Orders (GTOs) to include cryptocurrencies.

GTOs require U.S. title insurance companies, in certain geographies, to collect and report information on buyers involved in certain real estate transactions.

As of November 15, title insurance companies will need to identify the persons behind real estate purchases of over $300,000, if they use cash, check, money order, or cryptocurrencies as part of their purchase.

Is it for all locations?

The purchase price of the residential real property is in the amount of $300,000 or
more in any of the following areas:
1. The Texas counties of Bexar, Tarrant, or Dallas;
2. The Florida counties of Miami-Dade, Broward, or Palm Beach;

3. The Boroughs of Brooklyn, Queens, Bronx, Staten Island, or Manhattan in New
York City, New York;
4. The California counties of San Diego, Los Angeles, San Francisco, San Mateo,
or Santa Clara;
5. The City and County of Honolulu in Hawaii;
6. The Nevada county of Clark;
7. The Washington county of King;
8. The Massachusetts counties of Suffolk, or Middlesex; or

9. The Illinois county of Cook

If the Covered Business is involved in a Covered Transaction, then the Covered
Business shall report the Covered Transaction to FinCEN by filing a FinCEN Currency
Transaction Report, within 30 days of the closing of the Covered Transaction.

To read the document go here.

Our thoughts

While this might sound like a huge hassle, this is another step closer to the government taking cryptocurrency more seriously and considering it as income and asset.

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Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8 You can also email Wilson directly at wilson@cryptomenow.com

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