Savvy crypto users are always looking for ways to minimize taxes on cryptocurrency transactions. Since cryptocurrencies like bitcoin are treated as property per IRS Notice 2014-21, every time you sell, trade or exchange tokens into USD or other cryptocurrencies there is a taxable event where you have to pay taxes on, if there is a […]
A regulatory environment characterized by widespread uncertainty is the single biggest challenge facing entrepreneurs in the digital currency and blockchain industry, according to J.D. Seraphine, who produced the docuseries “Open Source Money.” The show, which started airing July 4 on Discovery Science, follows the challenges of Joe Roets, the architect, founder, and CEO of Dragonchain, as […]
The COVID-19 pandemic has crushed businesses, crippling life all across the world. It is costing darknet drug traffickers millions as well because their methods of moving drugs and funds have been compromised during the lockdown, according to a blog post by Chainalysis. “Darknet market revenue has fallen much more than we’d expect following Bitcoin’s recent major […]
There appears to be no shortage of interest in cryptocurrency and blockchain policy in D.C. as Members in the House of Representatives and U.S. Senators have introduced a total of 32 bills in the 116th Congress. Thanks to Facebook’s introduction of Project Libra, ongoing efforts to achieve regulatory clarity for the industry, and the novel […]
Central banks push for heavy-duty regulation of centralized, privately-issued global stablecoins and consider prohibiting decentralized ones. Fiat-pegged cryptocurrencies are coming under scrutiny, based on recommendations from the Financial Stability Board.Key TakeawaysThe Financial Stability Board (FSB) outlined ten recommendations to central banks for regulating stablecoins, including outright prohibition.The FSB is an international entity that provides suggestions […]
An omnibus bill aimed at comprehensive reform of U.S. cryptocurrency regulation was introduced Monday by Rep. Paul Gosar (R-Ariz.). It is thought to have little chance of passage at present but, according to lawyers and backers in the industry, it does provide insight into what a top-to-bottom new law governing crypto could look like one […]
Though the Democratic presidential race in the United States may have lost its most forward-thinking candidate when it comes to cryptocurrency, that doesn’t mean it’s not still a hot button issue across party lines. The number of patents and companies associated with cryptocurrencies and blockchains continues to rise in the US market, making it both […]
The UK has opened a contract worth £100,000 ($130,000) to procure software to identify when cryptocurrency is used to avoid paying taxes.In particular, HMRC is seeking the ability to cluster cryptocurrency transactions, identifying those linked to service providers such as mixing, gambling, and dark market services.The contract, posted on January 17, notes the tool must […]
Last Thursday, the Virtual Currency Tax Fairness Act of 2020 was introduced in Congress. The bill has the potential to solve a major issue with payments made via Bitcoin, Ethereum, and other major cryptocurrency networks in that an exception would be created for the potential capital gains taxes that often occur when these digital assets […]
On December 17th, the European Central Bank published a new proof-of-concept project called EUROchain. The report published on the ECB’s website states, “That proof of concept boasts several novel features developed by the ESCB’s EUROchain research network (with the support of Accenture and R3) using distributed ledger technology (DLT).” Based on the R3’s Corda platform, […]
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