Regulatory Issues

Publications

2014-Mar-25 US : Internal Revenue Service Notice 2014-21, “IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply
2013-Nov-19 US : US Senate Hearing (video), “Virtual Currencies, Senate Banking, Housing, and Urban Affairs Committee
2013-Nov-18 US : US Senate Hearing (video), “Digital Currencies Hearing, Senate Homeland Security and Government Affairs Committee
2013-Aug-19 US : Mercatus Center, “Bitcoin: A Primer for Policymakers, by Jerry Brito & Andrea Castillo
2013-Aug-16 DE : German Finance Ministry, Die Welt article, “Das Bundesfinanzministerium erkennt Bitcoin erstmals als ‘privates Geld’ an. [The German Finance Ministry recognizes Bitcoin as ‘Private Money’ for the first time.]
2013-Aug-14 IN : Reserve Bank of India, Economic Times article, “India’s central bank is ‘watching’ Bitcoin, the virtual currency that is gaining popularity among Net users, but has no intention of regulating it right now. The Reserve Bank of India… will first seek to understand Bitcoins—which have attracted regulatory gaze in the United States—before seeking to bring it under its purview.
2013-Aug-12 US : Sen. Thomas R. Carper (D) & Sen. Tom A. Coburn (R), Senate Committee Virtual Currency Letter, “As with all emerging technologies, the federal government must make sure that potential threats and risks are dealt with swiftly; however, we must also ensure that rash or uninformed actions don’t stifle a potentially valuable technology.
2013-Jul-08 UK : Her Majesty’s Revenue & Customs (HMRC) Letter, “[T]here is no requirement to register with HMRC under the Money Laundering regulations… If at any time HMRC recognise Bitcoins as a currency you would then have to register straight away…
2013-Jun-13 US : Remarks of FinCEN Director, Jennifer Shasky Calvery, “The Virtual Economy: Potential, Perplexities, and Promises,” United States Institute of Peace
2013-May-15 US : Government Accountability Office (GAO) Publication GAO 13-516, “Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks
2013-Apr-16 US : National Cyber-Forensics Training Alliance CyFin 2013 Conference, Remarks of FinCEN Director, Jennifer Shasky Calvery
2013-Apr-05 FI : Finnish Central Bank, “Finland’s long running current affairs TV show Ajankohtainen Kakkonen sparked interest last August by broadcasting a special documentary on the currency. Paivi Heikkinen, a division head at the Finnish central bank even allayed fears by telling the show that the currency wasn’t illegal.
2013-Mar-18 US : Financial Crimes Enforcement Network (FinCEN) Guidance FIN-2013-G001, “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
2012-Nov-12 US : David D. Stewart and Stephanie Soong Johnston, “Digital Currency: A New Worry for Tax Administrators?
2012-Oct EU : European Central Bank, “Virtual Currency Schemes
undated global : Kevin Adolph, “Compliance Model: Bitcoin