The Bureau of Economic Analysis of the United States Department of Commerce (BEA) has proposed a rule change for its mandatory survey. It would require all financial services companies in the US to declare whether they have made cross-border transactions with cryptocurrencies.
“The BE-180 benchmark survey of financial services transactions between US financial service providers and foreign persons” is a mandatory BEA questionnaire issued every five years. It is used to compile statistics on the economic activity of brokers, private equity funds and other financial companies. It is estimated that about 7,000 such institutions participate in the survey.
The BEA has proposed that the next edition of this questionnaire also include measures to monitor crypto transactions. According to the official proposal, respondents should not report concrete amounts, but only if they have conducted cross-border transactions with crypto.
“The BEA will add a single question asking respondents to report any activities related to cryptocurrencies that were carried out within the cross-border financial services offered in 2019”,
is mentioned in the proposal to amend the implementing rule.
This question will not gather individual transaction information, said BEA Services and Surveys branch head Christopher Stein.
“We do not collect detailed transaction data. We do not collect separate amounts in dollars related to these services, we just point out that, for example, a brokerage fee associated with the cryptocurrency transaction is within the scope of the survey ”,
Stein explained.
Measures to monitor crypto transactions in the next BE-180 survey
The BE-180 survey was last implemented in 2015 and did not mention cryptocurrency transactions.
Stein said that expanding the use of cryptocurrencies makes it necessary to include them in the statistics:
“It is a new and evolving field in the financial services market. The questionnaire is an opportunity to request more information and clarify the requirements ”,
he said.
The resulting data will be used to “monitor” American and international financial services, to promote trade and to help “American companies identify and evaluate market opportunities,” the proposal states.
The public has the opportunity to submit comments on the amendment by April 27, 2020.
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