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...

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...

No retrospective effect tax treatment of digital currencies – UK

HMRC Guidance Note of March 2014 on the taxation of digital currencies in the UK states: "Given this, the evolutionary nature of these cryptocurrencies and the legal and regulatory environments in which they currently operate, this...

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...

ECJ General Advocate states that Bitcoin should be VAT exempt

Today, General Advocate Juliane Kokott stated in her Opinion to the ECJ regarding the Hedqvist v Skatteverket case that Bitcoin and digital currencies should not be subject to VAT. The provision of an exchange service...

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...

Canada puts forward recommendations on Bitcoin regulation

  Canada’s Standing Senate Committee on Banking, Trade and Commerce published a report on the 19th June. It outlined 8 recommendations on dealing with Bitcoin on a regulatory level. The specific recommendations to the Federal...

Update on Russia – new law on Bitcoin forthcoming

  In January 2015, Russia’s Federal Supervision Agency for Information Technologies and Communications (Roskomnadzor) blocked 7 websites on the basis that it they contained Bitcoin information. At the time, Roskomnadzor used its powers under the 2012...

US Gov Funded Report: Non-State Groups Might Use Cryptocurrency to Protect Own Cyber...

A report by RAND Corporation examines the capability of non-state actors, such as terrorist and insurgent groups, to increase their political and economic power through launching a digital currency. The report, titled "National Security...

Regulatory Update – ECJ Advocate General says ‘No’ to VAT on Bitcoin

  In this week's update we discuss: - ECJ Advocate General states that Bitcoin should be VAT exempt  For more information and in-depth analysis on these topics, please visit the Merkle Tree Blog at http://bitlegal.io/