Nevada: Bitcoin ATMs, Other Services Should “Request Licensure Determination”
Nevada is bringing bitcoin ATMs more directly into the scope of its money transmitting regulations.The Nevada Financial Institutions Division (NFID) released a memo clarifying how bitcoin businesses, specifically those that facilitate exchange, may be regulated under existing state laws.“Over time, the NFID has monitored...
Op Ed: Portugal Clarified Its Bitcoin Tax Code; Other Nations Should Take Note
Portugal is a standout in the EU for its less conventional, more progressive approaches to certain areas of public policy. It was the first (and still the only) country in the EU to decriminalize all drugs — a radical solution that has had the...
Citing Compliance, BitMEX Blocks Services to Hong Kong, Bermuda and Seychelles
Global cryptocurrency exchange BitMEX has closed its platform to users from Hong Kong, Bermuda and the Seychelles, determining users’ location based on the IP address of attempted connections.According to a press release issued by BitMEX on August 19, 2019, users from these locations will...
Former SEC Cyber Unit Head Joins Coinbase’s Attorneys
Robert A. Cohen, former head of the Cyber Unit at the U.S. Securities and Exchange Commission (SEC), is leaving the agency for private practice, joining a law firm that represents Coinbase and other cryptocurrency firms.According to a report from The Wall Street Journal, Cohen...
U.S. Secretary of State Wants to Subject Cryptocurrencies to Existing Regulations
United States Secretary of State Mike Pompeo shared his thoughts on bitcoin and cryptocurrencies in general during an appearance on CNBC’s Squawk Box on August 20, 2019. In essence, the career military man and former CIA director wants them treated like anything else in...
IRS Sends Warnings to Crypto Investors Over Misreported Trades
The U.S. Internal Revenue Service (IRS) is stepping up a campaign to send warning letters to cryptocurrency investors, urging them to make sure that they have accurately reported all transactions for tax purposes.This process started in late July 2019 with a series of “soft...
Op Ed: Will Regulations Put a Premium on Virgin Bitcoin?
The G20 Summit held in June 2019 gave birth to a litany of questions and concerns. Chief among these is the issuance of new Financial Action Task Force (FATF) regulations, and what they mean for the future of cryptocurrency. While the regulations are not...
Bitcoin ETF Delayed Again, but Wall Street Already Has Its On-Ramps
On August 13, 2019, news broke that the U.S. Securities and Exchange Commission (SEC) has put three bitcoin exchange traded funds (ETFs) on the regulatory backburner.The SEC has delayed decisions on filings by VanEck/SolidX, Bitwise Asset Management and Wilshire Phoenix until October 18, October...
Bitcoin Is Now a Legal Form of Payment in New Zealand
In the August 2019 issue of New Zealand’s Tax Information Bulletin (published by the Inland Revenue Department), a new public ruling integrates “crypto-assets” as legal and taxable forms of payment. Correspondingly, New Zealand becomes one of the first nation states to create a proper...
South Korea Will Take a Direct Approach to Crypto Exchange Regulations
On August 6, 2019, the Financial Intelligence Unit (FIU) of the Financial Services Commission in South Korea revealed plans to institute direct regulations on cryptocurrency exchanges, local news source Business Korea reports. Up until now, FIU has often regulated exchanges indirectly through their banks.Quoting...
