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Virtual Currency › Financial Reporting

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 -
Davies Ward Phillips & Vineberg LLP

Filling the Gap: Scope of Canadian Anti-Money Laundering Laws Expanded

Davies Ward Phillips & Vineberg LLP on

The Canadian federal government has fulfilled its promise to expand Canada’s anti-money laundering (AML) regime to cover crowdfunding platforms and certain payment service providers (PSPs) that previously operated outside the...more

Sheppard Mullin Richter & Hampton LLP

FinCEN Announces Intention to Require FBAR Reporting of Crypto Currency

Sheppard Mullin Richter & Hampton LLP on

FinCEN has issued a notice that it intends to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account...more

Bowditch & Dewey

The Year of Bitcoin: Gains Subject to Tax by the IRS

Bowditch & Dewey on

The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more

Pillsbury Winthrop Shaw Pittman LLP

New York Revises “BitLicense” Regulations for Virtual Currency Businesses

Pillsbury Winthrop Shaw Pittman LLP on

Seven months after releasing its BitLicense proposal, the State of New York has published substantial revisions. Like the original version, the revised regulations apply more broadly than federal regulations and require many...more

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