This initiative aims to require all US financial services companies to identify if they engaged in cross-border services related to cryptocurrency, Coindesk suggests. The changes are applied to the ‘BE-180 Benchmark Survey of Financial Services Transactions between US Financial Services Providers and Foreign Persons’ – a mandatory questionnaire BEA issues every five years. In addition, if implemented, the crypto proposal would give Commerce Department statisticians a more precise look at the prevalence of foreign crypto activity.
The survey will be posed to brokerages, private equity funds, custody services, financial advisories, and the many others included in BEA’s sweeping definition of ‘financial services’. BEA estimates that 7,000 respondents will reply.
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