(US) foreign account tax compliance act


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A0lipke
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I'm interested in getting into IOTA in what to me is a big way.
I'm a small fish and want to avoid any pitfalls and tax or legal complications where at all possible.
I wouldn't even have been aware of this if my parents didn't hold foreign assets and it had come up as part of a discussion.

I have seen elsewhere that cryptocurrencies themselves do not appear at present subject to the FATCA.
Where things are less certain for me are when making exchanges on foreign exchanges.
Ideally there would be a widely trusted US based exchange I could use to make the trade.
That's what I'm looking for anyway. and to avoid trouble in general.

I am in no way endorsing FATCA or other government policies,
Parker
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If you are investing USD, you will most likely need to go through a US based exchange in the beginning (ie Coinbase).  This is necessary to convert that USD into cryptos like ETH or BTC.  This conversion will then allow you to move to foreign based exchanges to convert that crypto into IOTA. Having said that, the legal nuances are still relatively questionable. Technically, any kind of financial transaction should be documented and is susceptible to review by the government.  It is advisable to keep records for all transactions and do more specific research prior to making those transactions.
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