FinCEN states that issuing negotiable certificates of ownership of precious metals are MSBs and...

In a letter published on the 14th August 2015, FinCEN stated that if a company issues digital or physical certificates that relate to the ownership of precious metals, then they would be considered a money...

Tax treatment of speculative digital currency transactions – UK

HMRC Guidance Note March 2014 mentions that the application of income, corporation or Capital Gains to a transaction will depend on the facts. See as follows: "Whether any profit or gain is chargeable or any...

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...

Regulatory Update – USA, EU and Spain

https://www.youtube.com/watch?v=BMXVrfCZjXg

itBit receives trust charter in New York.

This is the first digital currency business to receive a Trust Charter. NYSDFS invited applicants to apply for a Trust Charter in March last year. The only difference between a Trust Charter and a fully fledged...

Regulatory Updates – P2P lending in the US and Canada’s perspective on regulating BTC

  In this week's update we discuss: - Legal precedent for P2P lending in the US - Canada's Standing Senate Committee on Banking Trade and Commerce publishes a report on regulating Bitcoin  For more information and in-depth analysis on...

NY Bitlicense definitive framework [pt.4]

  AML/KYC Requirements Licensees must implement an anti-money laundering program. The AML program is to be based upon an initial risk assessment performed by the Licensee. Risk assessments must be performed on an annual basis, or...

France tightening compliance on cash transactions – impact on digital currencies

As of end of September, in France transaction above 1000 euros will be prohibited and transactions over 10,000 euros will be reported to TracFIN. This is a crack-down for anti-terrorism purposes. At this stage...

Euro Banking Association favours ‘asset-centric’ protocols for the banking industry

  The Euro Banking Association (EuroBA) has published a report on the 11th May expounding the benefits of a particular form of blockchain technology and setting out of real world use-cases for integration into banking...

ESMA Call for information

  The European Securities and Markets Authority (ESMA) is currently accepting responses for information regarding several aspects of decentralised digital currencies until the 21st July. ESMA is looking into aspects such as : Investment products (e.g....