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/

Legal precedent of P2P Bitcoin loans set in Kentucky, USA

  A legal precedent was set on the 5th June when a circuit judge in Kentucky ruled that P2P loans taken out in Bitcoin have a legal basis to be repaid. The case arose when...

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...

NY Bitlicense definitive framework [pt.3]

  Capital Requirements The Superintendent determines the amount and form of capital a Licensee must maintain at all times to “ensure the financial integrity of the Licensee and its ongoing operations.” The Licensee’s finances and market positioning strongly...

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...