Do you have to report Bitcoin on the FBAR?
Not if the foreign account holds only Bitcoin. In FinCEN Notice 2020-2, the Financial Crimes Enforcement Network states that “a foreign account holding virtual currency is not reportable on the FBAR,” unless the account also holds other reportable assets.
As of October 27, 2026, FinCEN still lists that notice on its FBAR page. The regulation’s list of reportable accounts, 31 CFR 1010.350(c), does not name virtual currency.
Key facts
FinCEN Notice 2020-2 is listed on FinCEN’s FBAR page under the date 12/31/2020. It states that the FBAR regulations “do not define a foreign account holding virtual currency as a type of reportable account.”
The same notice states that FinCEN “intends to propose to amend the regulations” to include virtual currency as a type of reportable account under 31 CFR 1010.350.
Under FinCEN’s FBAR page, a U.S. person must file if the aggregate value of foreign financial accounts “exceeds $10,000” at any time during the calendar year.
The IRS FBAR page states that the FBAR is due April 15, with an automatic extension to October 15.
On October 6, 2026, FinCEN withdrew its December 23, 2020 proposal on transactions involving unhosted wallets. The withdrawal is published at 91 FR 63514.
What is the FBAR?
The FBAR is the Report of Foreign Bank and Financial Accounts, filed electronically with FinCEN. Under 31 CFR 1010.350(a), each United States person with a financial interest in, or signature or other authority over, “a bank, securities, or other financial account in a foreign country” must report that relationship each year.
Who has to file an FBAR?
U.S. persons above the threshold. The IRS FBAR page lists “a citizen, resident, corporation, partnership” among U.S. persons. Filing is required when the combined value of foreign financial accounts “exceeded $10,000 at any time during the calendar year reported.”
When and how is the FBAR filed?
The IRS FBAR page states that the report is due April 15 for the prior calendar year. It adds that “you’re allowed an automatic extension to October 15” without asking for it.
It is filed electronically through FinCEN’s BSA E-Filing System. The IRS page is explicit: “You don’t file the FBAR with your federal tax return.” FinCEN’s FBAR page adds that individuals can file through the BSA E-Filing System without registering.
What does FinCEN Notice 2020-2 say about Bitcoin?
It says Bitcoin alone does not make a foreign account reportable. FinCEN Notice 2020-2, titled “Report of Foreign Bank and Financial Accounts (FBAR) Filing Requirement for Virtual Currency,” reads:
“Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of reportable account. (See 31 CFR 1010.350(c)). For that reason, at this time, a foreign account holding virtual currency is not reportable on the FBAR (unless it is a reportable account under 31 C.F.R. 1010.350 because it holds reportable assets besides virtual currency).”
The notice then signals a possible change. FinCEN “intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account under 31 CFR 1010.350.”
FinCEN’s FBAR page still lists the notice as “FBAR Filing Requirement for Virtual Currency (12/31/2020).”
Has the FBAR regulation changed to include Bitcoin?
Not in its text. The current eCFR version of 31 CFR 1010.350, up to date as of October 23, 2026, lists three types of reportable accounts in paragraph (c):
a bank account, meaning a savings, demand deposit, checking or similar account with a person engaged in the business of banking
a securities account, meaning an account with a person engaged in the business of buying, selling, holding or trading stock or other securities
an other financial account, which covers deposit-taking accounts, insurance or annuity policies with a cash value, accounts with commodity futures or options brokers, and certain mutual funds or similar pooled funds
Virtual currency is not on that list.
When does a foreign Bitcoin account become reportable on the FBAR?
When it also holds other reportable assets. Notice 2020-2 carves out an account that “is a reportable account under 31 C.F.R. 1010.350 because it holds reportable assets besides virtual currency.”
A foreign exchange account that holds only Bitcoin falls under the notice’s general statement. A foreign exchange account that also holds cash balances, securities or other reportable assets may be reportable because of those other assets. If it is, it counts toward the $10,000 aggregate threshold like any other foreign financial account.
Do I report Bitcoin in self-custody on the FBAR?
The FBAR rules are about accounts, not keys. Under 31 CFR 1010.350(c), every type of reportable account is an account maintained with a person in business. That means a bank, a securities firm, a deposit-taking agency, an insurer, a broker or a fund.
Bitcoin held in a wallet whose keys you control is not an account maintained with anyone. And under Notice 2020-2, even a foreign account holding only virtual currency is not reportable at this time.
What happened to FinCEN’s unhosted wallet rule?
FinCEN withdrew it. On December 23, 2020, FinCEN proposed a rule on certain convertible virtual currency and digital asset transactions, published at 85 FR 83840 under RIN 1506-AB47.
According to the withdrawal notice published October 6, 2026 at 91 FR 63514, the proposal covered transactions involving unhosted wallets, and certain wallets held at foreign institutions in identified jurisdictions. It would have required:
reports and identity verification for transactions over $10,000, including aggregated transactions over $10,000 within 24 hours
recordkeeping for transactions over $3,000
The withdrawal took effect as of October 6, 2026, and FinCEN will take no further action on the proposal.
In its press release of October 5, 2026, FinCEN said it withdrew the proposal after considering public comments. It described the move as “part of the Trump Administration’s deregulatory agenda,” and as part of efforts to keep digital asset regulations “fit-for-purpose.”
What about the proposed rule on mixing?
FinCEN withdrew that too. Its withdrawal notice, published October 6, 2026, drops the proposed special measure on international convertible virtual currency mixing. That proposal was first published at 88 FR 72701 on October 23, 2023.
The notice cites commenters’ concerns that the proposed definition of mixing was too broad. FinCEN says it will keep monitoring mixers for illicit finance.
Is the FBAR the same as Form 8938?
No. Form 8938, the Statement of Specified Foreign Financial Assets, is a separate IRS form with its own thresholds.
Under the Instructions for Form 8938, an unmarried taxpayer living in the United States meets the threshold if total value “is more than $50,000 on the last day of the tax year” or “more than $75,000 at any time during the tax year.” For married taxpayers filing jointly and living in the United States, the figures are more than $100,000 on the last day of the year or more than $150,000 at any time.
The instructions, revised November 2021, do not address virtual currency or digital assets by name. This guide therefore draws no conclusion on Form 8938 for Bitcoin.
What does this mean in practice for a U.S. Bitcoin holder?
The texts point to a few clear checks:
A foreign account holding only Bitcoin is not reportable on the FBAR under Notice 2020-2.
A foreign account that also holds cash or other reportable assets may be reportable because of those assets, and counts toward the $10,000 aggregate threshold.
Bitcoin in self-custody is not held in an account maintained with a financial business, which is what 31 CFR 1010.350(c) describes.
The FBAR is filed with FinCEN through BSA E-Filing, not with your tax return. It is due by April 15, with an automatic extension to October 15.
FinCEN’s 2020 unhosted wallet proposal and its 2023 mixing proposal were both withdrawn on October 6, 2026.
The IRS states that FBAR failures may lead to “civil monetary penalties and/or criminal penalties,” depending on the facts.
3. Q&A
Do I have to report Bitcoin on the FBAR?
Not if the foreign account holds only Bitcoin. FinCEN Notice 2020-2 states that “a foreign account holding virtual currency is not reportable on the FBAR,” unless it also holds reportable assets besides virtual currency. FinCEN said it intends to propose amending the rules to include virtual currency.
Is a foreign exchange account with Bitcoin and cash reportable on the FBAR?
It may be. Notice 2020-2 excludes from its general statement an account that “is a reportable account under 31 C.F.R. 1010.350 because it holds reportable assets besides virtual currency.” A reportable account counts toward the $10,000 aggregate threshold for the year.
Do I report a hardware wallet on the FBAR?
The FBAR covers accounts maintained with financial businesses. Under 31 CFR 1010.350(c), reportable accounts are bank, securities and other financial accounts held with such businesses. A wallet whose keys you control is not an account with anyone, and virtual currency is not a listed account type.
What is the FBAR threshold and deadline?
You must file if the aggregate value of your foreign financial accounts exceeded $10,000 at any time during the calendar year. The IRS FBAR page sets the due date at April 15, with an automatic extension to October 15. The FBAR is filed through FinCEN’s BSA E-Filing System.
Did FinCEN withdraw the unhosted wallet rule?
Yes. FinCEN withdrew its December 23, 2020 proposal on transactions involving unhosted wallets, effective October 6, 2026, at 91 FR 63514. It would have required reports and identity checks above $10,000 and recordkeeping above $3,000. FinCEN will take no further action on it.
Is the FBAR the same as Form 8938?
No. The FBAR is filed with FinCEN, while Form 8938 is an IRS form with its own thresholds. Under the Instructions for Form 8938, an unmarried taxpayer in the United States files when assets exceed $50,000 at year-end or $75,000 at any time during the year.
This article is general information and not legal advice.
The United States is one of more than 140 countries on The Bitcoin Act’s interactive Global Bitcoin Regulatory Map. Compare how other countries treat Bitcoin reporting and self-custody here: https://thebitcoinact.xyz/bitcoin-legal-map
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