Russian ban of ‘cash equivalents’ meeting internal objection

Russia’s proposal in Spring to ban cash equivalents to the Rouble is facing difficulties. This bill would have made bitcoin effectively illegal in Russia. It seems however that the Ministry of Economic Development objects...

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...

Regulatory Updates – P2P lending in the US and Canada’s perspective on regulating BTC

  In this week's update we discuss: - Legal precedent for P2P lending in the US - Canada's Standing Senate Committee on Banking Trade and Commerce publishes a report on regulating Bitcoin  For more information and in-depth analysis on...

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...

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...

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/

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...

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...

Licensing of digital currency businesses – Update – California

  On the 27th April 2015 the California Committee on Banking and Finance approved the AB-1326 bill which regulates decentralised digital currencies such as Bitcoin. The legislation is pending further approval by the California State floor....

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...