Alongside wider rule changes to the “BE-180 Benchmark Survey of monetary Services Transactions between U.S. Financial Services Providers and Foreign Persons” – a compulsory questionnaire BEA issues every five years – the crypto proposal would, if implemented, give Department of Commerce statisticians a more precise check out the prevalence of foreign crypto activity.
The survey are going to be posed to brokerages, private equity funds, custody services, financial advisories and therefore the many others included in BEA’s sweeping definition of “financial services.” BEA estimates that 7,000 respondents will reply.
“BEA will add one question asking respondents to spot , of their 2019 cross-border financial services reported within the required transaction categories, any that were associated with cryptocurrency activities,” the rule change read partially .
That question, however, won’t gather individual transaction information, said BEA Services and Surveys Branch Chief Christopher Stein. A brokerage that facilitates the cross-border trade of crypto assets would only indicate that it did so, leaving out more granular details like transaction amounts.
“We aren’t collecting data associated with the physical currency asset,” Stein said. “We aren’t collecting separate dollar amounts associated with these services, we’re just emphasizing that, for instance , a facilitating-type brokerage fee related to the currency transaction is within the scope of the survey.”
When BE-180 was last held in 2015, the survey didn’t mention cryptocurrency transactions, but Stein said they were nonetheless included within the survey’s scope. The proposed definition amounts to a bureaucratic clarification as cryptocurrency develops.
“It’s a replacement and evolving area within the financial services market, and therefore the benchmark is a chance to ask more information and clarify survey requirements,” he said.
The proposal package said the rule changes will “allow BEA to more closely align its statistics with international guidelines.” Its data are going to be wont to “monitor” U.S. and international financial services, promote trade and help “U.S. businesses to spot and evaluate market opportunities,” the package proposal said.
The comment period runs through April 27, 2020, consistent with the proposal.