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...

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...

Nigerian Central Bank official suggests virtual currency regulation

Following on from the most recent FATF Recommendations on digital currency regulation (see article here), the Deputy Governor of the Financial System Stability Working Group, Dr. Okwu Nnanna stated that steps should be taken...

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...

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...

Australian Senate Committee Report on Digital Currencies

The Australian Senate Economics Reference Committee released a report discussing various aspects of digital currencies (DC). The report gave a broad overview of digital currencies, opportunities and risks, tax treatment under Australian law, regulatory...

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/

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...

FATF issues guidance for virtual currencies

  The Financial Action Task Force (FATF) issued a “Guidance for a Risk-Based Approach for Virtual Currencies (VCs)” on the 26th June. FATF is an intergovernmental organisation that mainly issues policy recommendations in the areas of...

Regulatory Update – Amendments to California AB-1326 and Jersey Call for Information

  In this week's update we discuss: - Amendments to the California AB-1326 - Jersey Govt. Call for Information For more information and in-depth analysis on these topics, please visit the Merkle Tree Blog at http://bitlegal.io/