US State-level Digital Currency Law & Regulation

  In the US, most states have not provided any regulatory guidance, issued new rules, or began the process of passing digital currency-specific legislation. New York issued new regulations defining a license specific for digital...

Regulatory Update – SEC fines Sand Hill and ECJ Proceedings on VAT for BTC

  In this week's update we discuss: - SEC fines Sand Hill exchange over breaches of the Dodd-Frank Act (see article here) - ECJ proceedings on the application of VAT on Bitcoin start (see article here) For more...

Licensing of digital currency businesses – Update – California

  On the 27th April 2015 the California Committee on Banking and Finance approved the AB-1326 bill which regulates decentralised digital currencies such as Bitcoin. The legislation is pending further approval by the California State floor....

SEC fines Sand Hill exchange over breaches

  On the 17th June, the Securities and Exchange Commission (SEC) fined Sand Hill Exchange $20,000 for illegally offering security-based swaps. According to the SEC, Sand Hill was: “offering and selling security-based swaps contracts to retail investors...

Australian Senate Committee Report on Digital Currencies

The Australian Senate Economics Reference Committee released a report discussing various aspects of digital currencies (DC). The report gave a broad overview of digital currencies, opportunities and risks, tax treatment under Australian law, regulatory...

NY Bitlicense definitive framework [pt.3]

  Capital Requirements The Superintendent determines the amount and form of capital a Licensee must maintain at all times to “ensure the financial integrity of the Licensee and its ongoing operations.” The Licensee’s finances and market positioning strongly...

Regulatory Update – Sweden & BTC mining, EuroBA, North Carolina & BTC

In this week's update we discuss: - Sweden and the new guidelines on income tax and BTC mining - See article here - EuroBA's report highlighting opportunities using blockchain technology - North Carolina's new amendments on...

BTC is now VAT exempt in Switzerland

  The Bitcoin Association of Switzerland announced that the Swiss Tax Administration has now exempted BTC from VAT which means that purchasing and selling BTC will be VAT exempt. This comes as a result of...

Compliance with Bank Secrecy Act – MSB – US

FinCEN has made clear, in its latest fine against Ripple Labs, that even if an ‘exchange’ or ‘administrator’ fails to register at a Federal level for their activities, that they are still subject to...