Are you trading a digital currency derivative? UK

Financial Markets Act 2000 (FSMA) is the main legislation regulating the financial services industry. This may affect you if you are trading digital currency derivatives in the UK. Core prohibition under s.19 FSMA: "(1)No person may...

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...

Legal precedent of P2P Bitcoin loans set in Kentucky, USA

  A legal precedent was set on the 5th June when a circuit judge in Kentucky ruled that P2P loans taken out in Bitcoin have a legal basis to be repaid. The case arose when...

Regulatory Update – Bitlicence, IGCI, Liberland

https://www.youtube.com/watch?v=pj04mIn6Xog

Canada’s Revenue Agency (CRA) states that Bitcoin is ‘Specified foreign property’

The Canadian Revenue Agency (CRA) has given guidance on how Bitcoin and other digital currencies are viewed for tax purposes. The specific topics in question were whether: a digital currency (e.g. Bitcoins); and a foreign partnership...

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...

Proceeds of Crime applies to digital currency businesses – UK

Part of the Proceeds of Crime Act 2002 applies to digital currency businesses based in the UK. Primary offences include: Concealment of criminal property (s.327) Arrangement of a transaction involving money laundering (s.328) Acquisition, use or possession of criminal...

Coincenter – creating a flexible regulatory framework for digital currencies

Coincenter the now de facto policy body of the US have issued a framework for the regulation of digital currency. This covers matters such as providing exemptions for startups, recognising digital currency as a...

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...

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...