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...

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...

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...

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...

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...

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...

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...

Exclusive interview with David Hedqvist – ECJ proceedings on VAT for Bitcoin

In an exclusive interview with David Hedqvist from Bitcoin.se we see an emerging EU-wide picture for VAT and regulation for Bitcoin. Yesterday David Hedqvist had a preliminary hearing with the ECJ on the application...