FinCEN updates real estate purchase reporting requirements to include cryptocurrencies
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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. The GTOs will apply to major metropolitan areas in New York, Florida, California, and Texas. (Source: FinCEN)
AUTHOR
Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi
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