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...

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...

European Court of Justice rules that Bitcoin is VAT exempt.

Following the appeal of David Hedqvist against the decision of the Swedish Tax Authority (Skatterverket) to tax Bitcoin transactions, the European Court of Justice (ECJ) have ruled that such transactions should be; "exempt from VAT...

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...

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...

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...

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....

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...

Proposed regulatory framework for virtual currencies in the UAE

On 1 January 2017, the Central Bank of the UAE (CBUAE) published a Regulatory Framework for Stored Values and Electronic Payment Systems. The Regulation also includes a section on virtual currencies which are defined...

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...