News & Analysis as of

Virtual Currency

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -

CFTC takes steps to increase regulatory oversight of virtual currency markets

On May 21, 2018, the Commodity Futures Trading Commission (CFTC) announced two actions intended to increase surveillance of virtual currency markets and enforcement of the Commodity Exchange Act in relation to these markets....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The US House included the revised Volcker Rule that we’ve discussed in a broader package of Dodd-Frank reforms that it passed with bipartisan support last night. The bill—ostensibly aimed at easing restrictions on small to...more

Can I Secure a Loan with Bitcoin? Part III

by Ward and Smith, P.A. on

In my previous articles, I discussed the challenges of using Article 9 of the Uniform Commercial Code ("UCC") to create and perfect a security interest in virtual currency like Bitcoin, Ethereum, or Litecoin. I also discussed...more

SEC Enforcement Trends: Highlights from Securities Enforcement Forum West 2018

by Fenwick & West LLP on

The Securities Enforcement Forum West 2018 brought together current and former senior U.S. Securities and Exchange Commission and U.S. Department of Justice officials, securities enforcement and white-collar attorneys,...more

SEC Flexes Funny Bone in Fictional Token Offering

The Securities and Exchange Commission (the “SEC”) has taken to using humor and sarcasm to educate retail investors about the potential risks of purchasing tokens in initial coin offerings (“ICOs”)....more

Tax on cryptocurrency transactions: SARS should come to the aid of taxpayers

by Hogan Lovells on

The South African Revenue Service (SARS) recently released a media statement indicating that “normal income tax rules” apply to cryptocurrency transactions. ...more

IRS Bitcoin Enforcement: Four Suggestions for Cryptocurrency Investors

In January 2018, an individual investor visited my office and asked me to prepare income tax returns based on his cryptocurrency trading gains. This individual used U.S. dollars to buy Bitcoins. ...more

Are Cryptocurrencies Subject to FBAR and Form 8938 Reporting?

by Sanford Millar on

On May 2, 2018 The Section of Taxation of the ABA issued its “Comments Regarding OVDP and Streamlined Procedures” in the form of a lengthy letter to Acting IRS Commissioner Kautter. Section II B provides “Guidance on...more

Churchill Downs Seeks En Banc Review of Big Fish Decision

Churchill Downs has filed a Petition For Rehearing En Banc, seeking to overturn the Ninth Circuit decision in the Big Fish case. As we previously reported, The Ninth Circuit Court of Appeals reversed a district court’s...more

Belgium Gaming Commission Loot Box Report – Extends Beyond Game Companies to Licensors and Game Platforms

We previously reported, that the Belgian Gaming Commission has recommended criminal prosecution against certain game companies due to the allegedly illegal use of loot boxes. This report follows previous reports on findings...more

Cryptoasset Exchanges Respond to New York Attorney General’s Virtual Markets Integrity Initiative

On April 17, 2018, the New York Attorney General’s Office (“OAG”) launched a Virtual Markets Integrity Initiative and sent letters to thirteen cryptoasset trading platforms requesting, through a questionnaire, disclosures on...more

Cryptocurrency Holders: Avoid a Tax Audit!

by Moskowitz LLP on

The recent Coinbase, Inc. case marks the beginning of a new phase in IRS investigations, and U.S. taxpayers should beware that our government is unlikely to relinquish its pursuit of digital currency holders. ...more

Legal Issues With Blockchain-Based Crypto Games and Collectibles

The use of blockchain technology for crypto games and token-based digital collectibles is on the rise. One of the first crypto games of note was CryptoKitties. It may turn out that CryptoKitties becomes to crypto games what...more

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

by Foodman CPAs & Advisors on

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed...more

IRS Focus: Tracking Cryptocurrency

by Moskowitz LLP on

In our recent blogs on the new Internal Revenue Service – Criminal Division (IRS-CI) priorities, we noted that new IRS-CI director John D. Fort has placed his department on high alert for tax fraud involving bitcoin and other...more

The Fifth Anti-Money Laundering Directive: Extending the Scope of the European Union’s Regulatory Authority to Virtual Currency...

by Ballard Spahr LLP on

On April 19, 2018, the European Parliament (“EP”) adopted the European Commission’s (the “Commission”) proposal for a Fifth Anti-Money Laundering Directive (“AMLD5”) to prevent terrorist financing and money laundering through...more

Global Regulatory Update for Cryptocurrency and Initial Coin Offerings

by Holland & Knight LLP on

• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more

Blockchain Energizer – Volume 27

by K&L Gates LLP on

There is a lot of buzz around blockchain technology and its potential to revolutionize a wide range of industries from finance and health care to real estate and supply chain management. Reports estimate that over $4.5...more

Everyone wins when accepting Virtual Currency as Payment…

by Foodman CPAs & Advisors on

Acceptance of Virtual Currency (VC) as a form of payment for goods and services is growing. States like Arizona and Georgia have introduced bills that would allow Taxpayers in those states to pay their taxes with VC. Two of...more

First S-1 Filing for an ICO: Going Legit or Just a Crypto Head Fake?

by Farrell Fritz, P.C. on

Initial coin offerings so far have gone through two major phases in their brief lifespan. The initial phase flew under the regulatory radar in an explosion of deals that raised billions of dollars seemingly overnight and...more

Who monitors digital currency wallets?

by Foodman CPAs & Advisors on

Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC. The providers of these services are known as web-wallets (Coinbase is an example). ...more

How Tax Authorities Are Responding To Cryptocurrency

by K&L Gates LLP on

The features that make cryptocurrencies attractive to their users — relative anonymity and mobility — have created heightened concerns with regulatory agencies in the United States and abroad. Recent enforcement actions...more

Data Privacy + Cybersecurity Insider - May 2018 #1

by Robinson & Cole LLP on

Bezop Cryptocurrency Investors’ Personal Information Exposed - Kromtech Security has reported that the sensitive personal information of more than 25,000 investors of Bezop cryptocurrency was exposed when a MongoDB...more

Federal court opinion could impact CFTC proposed guidance on retail commodity transactions in virtual currency

by Dentons on

On May 1, 2018, United States District Court Judge James Selna in Santa Ana, California, issued an opinion that could impact proposed guidance issued by the Commodity Futures Trading Commission (CFTC) regarding retail...more

OFAC Issues Cryptocurrency Compliance Guidance

As part of the ongoing efforts of the federal government, agencies and financial market regulators to respond to the growing cryptocurrency market, the Office of Foreign Asset Control (OFAC) of the Department of Treasury...more

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