Japanese tax laws aren’t ready for investors to declare their digital assets just yet, according to top government officials
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Investigating Digital Assets in Japan Stymied by Nature of Crypto
Category: Virtual Currency
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10 Countries Actively Regulating Cryptocurrency Despite Global Crisis
Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea. Also read: IMF Declares Global Recession, 80 Countries Request Help, Trillions of Dollars Needed Regulations […]
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Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures
In this roundup, we cover crypto regulatory developments amid the global crisis effected by the coronavirus outbreak, bank closures, interest rate cuts, and plunging stock markets. Through it all, governments worldwide are still focusing on cryptocurrency regulation, including the U.S., South Korea, India, and Russia. Also read: Bitcoin Legal in India — Exchanges Resume INR […]
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Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency
While its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging all […]
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US State Wants to Legally Seize Unclaimed Cryptocurrencies Left at Custodians
The U.S. state of Illinois has advanced a bill to consider unclaimed cryptocurrencies at custodians abandoned after five years. The coins will then be liquidated and the proceeds remitted to the State Treasurer. The cryptocurrency owners will have no recourse against the custodians or the state. Also read: US Lawmaker Introduces Crypto-Currency Act of 2020 […]
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50 Companies Back New Cryptocurrency Project Competing With Facebook’s Libra
Some members of the Libra Association are now backing a rival project called Celo, which has its own blockchain and cryptocurrency. Over 50 major companies have pledged their support, each pursuing a diverse set of use cases. The project claims that the combined reach of all members exceeds 400 million people. Also read: Bitcoin Legal […]
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US Lawmaker Introduces Crypto-Currency Act of 2020 While Under Coronavirus Quarantine
A U.S. congressman from Arizona has introduced the Cryptocurrency Act of 2020 while under coronavirus quarantine. The bill clarifies which federal agencies regulate which type of crypto assets. “It’s crucial that America remains the global leader in cryptocurrency,” the lawmaker said. Also read: Bitcoin Legal in India — Exchanges Resume INR Banking Service After Supreme […]
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US Develops Cryptocurrency Intelligence Program Targeting P2P Sites, Forums, Darknet Markets
The U.S. Department of Homeland Security has revealed a cryptocurrency intelligence program aimed at identifying unlicensed crypto businesses using P2P sites, online forums, and darknet markets. These areas have consistently presented “a significant challenge to law enforcement” and the Financial Crimes Enforcement Network (FinCEN). Also read: Regulatory Roundup — Trump’s Cryptocurrency Proposals, IRS Changes Rule, […]
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Regulatory Roundup: Trump’s Cryptocurrency Proposals, IRS Changes Rule, China Quarantines Cash
In this roundup, we cover numerous cryptocurrency regulatory developments in the U.S., including President Trump’s crypto proposals, testimonies by the Federal Reserve chairman and the Treasury secretary, a crypto-friendly SEC proposal, and the IRS changing a crypto tax rule. We also cover China quarantining yuan bills, its central bank filing 84 digital currency patents, 40 […]
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84 PBOC Digital Currency Patents Show the Extent of China’s Digital Yuan
The People’s Bank of China (PBOC) has reportedly filed 84 patents relating to its plans to launch a digital currency. The patents reveal the central bank’s plans which include integrating digital currency wallets into existing retail bank accounts. The potential for the Chinese central bank digital currency to achieve scale from the get-go has put […]
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