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...

Ripple Labs fined by FinCEN

Ripple Labs operator of the Ripple protocol has been fined $700k on a number of counts including: failing to have registered as an MSB; for not having an AML policy in place and not having a...

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...

Philippines Crypto Law to Regulate ICOs

The Philippines Securities and Exchange Commission (PSEC) published a draft Memorandum Circular (‘Memorandum’) that would govern initial coin offerings (ICOs) in the country. In its proposed rules, PSEC stated that all tokens issued through ICOs...

NY Bitlicense definitive framework [pt.2]

  The BitLicense is setting new precedents with its definition of “Virtual Currency” and “Virtual Currency Business Activity.” Virtual Currency The definition of virtual currency in the BitLicense is as follows: Virtual Currency means any type of digital...

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...

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/

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...

Legal anatomy of a DAO

None of the below should be construed as legal advice as this a highly risky untried area of law. In the below we are just giving examples regarding UK law as illustrations; there are...

Clarification of tax position for mining – Sweden

Disclaimer: Before applying these rules to your own circumstances or act upon the information contained here, please seek information from your accountant, tax advisor, legal representative or the Swedish Tax Authority. The Swedish Tax Authority...