On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency.Personal income from the sale or exchange of bitcoin is taxable, and will be treated as income from sale of financial assets.The Polish Ministry of Finance concluded that, while virtual currencies are not subject to any separate regulation under Polish legislation, and while their use in Poland is fully legal, they are subject to income tax. Source.
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The Danish Central Bank went on to point out that Bitcoins are not protected by any national laws or guarantees, such as a deposit guarantee. Source.
MONTGOMERY, Ala. (AP) — Alabama has a new law on virtual currency and online transactions. Al.com reports that the Alabama Monetary Transmission Act became law this.
The Finnish Tax Authority released tax interpretations regarding bitcoin, indicating that capital gains treatment would be given to an exchange of bitcoin for another currency, but that losses would not be deductible. Source.Exchanges are not regulated by the Philippines Central Bank or other regulatory authorities in the country.The Swiss Federal Department of Finance (FDF) outlined its plan to regulate fintech with the aim of introducing draft legislation to parliament by mid-2017 after a public consultation.
Currently, implications for taxation are varied, as bitcoin has elements both of a commodity and a currency. Source.The Australian Department of Treasury issued a white paper listing crypto-currencies, such as bitcoin, as a challenge in determining how to appropriately tax companies and could provide a company with the ability to relocate profits to minimize their taxes. Source.The committee concluded that the rise of virtual currencies is a long-term trend that can no longer be disregarded by public authorities.
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National Bank likely to issue warnings similar to those issued by the EBA and other European nations. Source.Central Bank acknowledged that virtual currencies are not illegal, but reiterated earlier warnings about their use and exchange. Source.Virtual Currency Report provides analysis and insight on important legal developments surrounding Bitcoin and other decentralized virtual currencies, math-based.
Digital currency (digital money or electronic money or electronic currency).Also warned about the high volatility in the value of bitcoin, and about its lack of intrinsic value. Source.Financial Transactions and Reports Analysis Centre (FinTRAC) reportedly wrote to several prominent Bitcoin exchanges that they are exempt from Canadian money laundering laws. Source.Further, the FMA explicitly advised consumers that such offerings are not subject to any form of regulation, and in particular are not subject to supervision by the FMA.It further noted that despite its risks, bitcoin offers multiple opportunities for the future and that public authorities should work on a balanced regulatory framework. Source.Mitsubishi UFJ Financial Group Inc. will issue its own virtual currency by March 2018 to provide a money transfer service at lower fees, becoming the first.The 6 Most Important Cryptocurrencies Other Than. virtual currencies such as Ethereum and Ripple which are being used more for.TechCrunch is a leading technology media property, dedicated to obsessively profiling startups, reviewing new Internet products, and breaking tech news.
The central bank issued a press release stating that the only legal tender in Kyrgyzstan is its national currency, the som, and that the use of virtual currency as a means of payment is illegal.The Canadian Standing Senate Committee on Banking, Trade and Commerce released a report calling for limited regulatory control over digital currencies. Source.A draft bill introduced in Poland aims to create a create a Central Database of Accounts to be maintained by the Ministry of Finance, which would provide authorities rapid and easy access to information on the locations of certain funds and other liquid assets.As a result, many converting ATMs exist throughout the country for tourists.
Commission plans to work with the Central Bank to regulate virtual currencies. Source.Virtual Currency Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times.Further, the Central Bank reportedly told all banks, currency exchange companies, financial companies, and payment service providers, that they are prohibited from dealing in virtual currencies. Source.Police reportedly shut down a bitcoin exchange operating illegally in France, seizing 388 bitcoins in the process.
Informal warnings from the Bank of Portugal about the risks of virtual currency, while clarifying that the Bank does not monitor bitcoin.The range of penalties is commensurate with the level of usage.
Virtual currencies are not legal tender in Jordan and the Central Bank has warned against their use.The release also discussed a number of risks associated with virtual currency. Source.Founded in 2012, TNG Wallet is an electronic wallet with secure, fast, and convenient e-payments and top-up.However, it will not seek to impose these AML regulations on virtual currency wallet providers. Source.Bank of Australia governor Glenn Stevens stated that, while virtual currencies pose regulatory questions, he believes that investors who are prepared to accept the risk in speculating in virtual currency should be allowed to do so. Source.A member of Parliament suggested, however, that this would be done on a European-wide basis, not just in Denmark. Source.
Includes blogs, articles, opinion, Virtual currency videos and more, on WOW.com.Latest Virtual Currency Bitcoin News from Forbes (forbes.com).
The Bulgarian Revenue Agency determined that income from the sale of bitcoin will be treated as income from sale of financial assets. Source.New Rand Corporation Report Analyses Virtual Currency Vulnerabilities. the latest news.Australian Taxation Office (ATO) confirms Bitcoin transactions are subject to goods and services (GST) and income tax and says that speculators should keep records for capital gains taxes and that bitcoin is expected to be means of electronic payment or money. Source.The Swiss financial market regulator gave its approval for a bitcoin kiosk operator to operate a kiosk network, two weeks after delaying the launch of a different bitcoin kiosk.
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Deputy Governor of Indonesian Central Bank says that using bitcoin violates information and electronic transaction laws and currency laws.