Report: Czech Republic Wants to Broaden Crypto Firm Regulation
The Czech Republic seems set to step up its oversight of cryptocurrency exchanges, with recent reports suggesting that it will try to implement more stringent policies than those of the European Union in a pursuit to ensure anti-money laundering (AML) compliance. On August 8, 2019,...
Eyeing Tax Evasion, British Authority Launches Crypto Exchanges Inquiry
The United Kingdom’s tax agency is on the hunt for cryptocurrency tax evaders. Her Majesty’s Revenue and Customs (HMRC) has sent letters to at least three popular cryptocurrency exchanges operating in the U.K., requesting client transaction data. These advance notices, which have been mailed to...
Latest FCA Guidance From the U.K. an “Indirect Catch-All” of Provisions
The U.K.’s Financial Conduct Authority (FCA) released its final guidance on crypto assets regulation on July 31, 2019, a move welcomed by industry participants who believe that clarification on which crypto asset activities fall under FCA’s jurisdiction will help boost interest and activity in...
Cryptocurrency Exchange Rain Granted License from Bahrain’s Central Bank
Bahrain-based cryptocurrency exchange Rain has received regulatory approval from the Central Bank of Bahrain (CBB). The exchange launched after raising $2.5 million in a seed funding round led by BitMEX Ventures and Blockwater, a Kuwait-based cryptocurrency fund. According to a blog post from Rain, the...
Russian Miner Importer Under Investigation for Dodging Import Fees
Far-East Trading and Industrial Company, an importer of cryptocurrency mining gear, is being investigated by law enforcement authorities in Russia. In its report on the investigation, CoinDesk revealed that the miner importer is alleged to have evaded up to $1.2 million in taxes on about...
Global Crypto Firm XBTOI Granted License in Bermuda
The Bermuda Monetary Authority (BMA) has granted cryptocurrency investment firm XBTO International Limited (XBTOI) a license to legally operate in Bermuda, making it the third firm to hold this license under the island’s 2018 Digital Asset Business Act. XBTOI, a licensee under XBTO Group, has...
Senate Wrestles With Bitcoin vs. Crypto, Gauges Need for Regulation in Latest Hearing
The United States Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing today, July 30, 2019, on cryptocurrency and blockchain regulation. This is the third in a recent spate of cryptocurrency-specific hearings in Congress, which began two weeks ago with Libra’s rounds...
The IRS Is Sending Bitcoin Investors Reminders to Pay Crypto Tax
The U.S. Internal Revenue Service (IRS) is sending taxpayers who have conducted cryptocurrency transactions friendly reminders to pay their cryptocurrency taxes. These so-called “soft notices,” according to tax information website IRSMind, have been circulating since June 2019 to individuals who may have neglected to...
U.S. Treasury Secretary Warns of New Crypto Regulations
Steven Mnuchin, the United States Secretary of the Treasury, has stated that regulators are likely to impose new restrictions on cryptocurrency in the near future.This stance was likely a follow-up to President Trump’s comments blasting Facebook’s libra coin, as well as bitcoin and other...
