Bullbitcoin CEO - Today is my last day as an unregulated dealer in virtual currency. As of June 1st 2020, Bitcoin exchanges and payment processors are officially regulated as Money Services Businesses in Canada.
Bitcoin: EU approves cryptocurrency clampdown to combat terrorism financing - The European Union has agreed to implement stricter rules on exchange platforms that deal with virtual currencies, including bitcoin. The measure is part of an effort to prevent terrorist financing and money laundering.
WSJ: China to Shut Bitcoin Exchanges - Authorities to ban commercial trading of all virtual currencies
Paywall text - https://www.wsj.com/articles/china-to-shut-bitcoin-exchanges-sources-1505100862 BEIJING—Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the mainland four years ago. The country’s central bank has led a draft of instructions that would ban Chinese platforms from providing virtual currency trading services, according to people familiar with the matter. The move comes after months of scrutiny by Beijing, including a ban last week in China on initial coin offerings, a kind of fundraising via virtual currencies. Regulators in China have been investigating the domestic market for bitcoin and other virtual currencies since the beginning of the year. For a while, officials considered enacting antimoney-laundering rules on exchanges, even circulating a draft of such rules for them to follow. But the stakes for Beijing grew as prices of virtual currencies like bitcoin soared, adding to the risk of further speculation by domestic investors. Analysts and investors say one reason bitcoin prices rose last year was that Chinese people began using the asset as a way to bet that the value of the yuan would fall. Virtual currencies in theory can allow holders to bypass the traditional banking system to move money outside of China’s capital-controlled borders. The People’s Bank of China didn’t respond to a request for comment. Officials from the central bank, cyberspace administration and banking, securities and other regulatory bodies considered various options for months but ultimately came to a consensus to shut down virtual currency exchanges, said the people. “Too much disorder was naturally a basic reason” for the ban, said one of the people. The price of one bitcoin traded at around $4,279 Monday morning in Beijing, down 16% from its record on Sept. 1. Trading volumes have already plummeted in China, with authorities stepping up efforts to rein in exchanges. Analysts say more activity is moving underground, where individuals can send virtual currencies to each other using private addresses, which serve like safe-deposit boxes. The people said that regulators will likely to have to tolerate noncommercial trading of virtual currencies. “The government also doesn’t have the power to control” that, said one person. Two of the China’s largest domestic bitcoin exchanges, Huobi and BTCC, said over the weekend that regulators haven’t asked them to shut down, even as speculation grows. “We’re still awaiting formal notification from regulators,” said BTCC Chief Executive Bobby Lee. “It’s obviously a sensitive time period.” A Huobi spokeswoman declined to comment beyond the firm’s press release. Another domestic exchange, OKCoin, didn’t respond to request for comment.
Texas banking regulators have established licensing and security rules for cryptocurrencies, like bitcoin, and their exchanges. Virtual currencies will not be treated as money, but Texans can use them to buy and sell goods and services free of regulation.
U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the risks posed by the emerging asset class, the head of the Securities and Exchange Commission said on Tuesday.-
Japan's Top Financial Institution to list Bitcoin on their Virtual Currency Exchange
Seems like Winklevii ETF is not the only option for investors to stock up on bitcoin. SBI Group is planning to list bitcoin up for purchase on their virtual currency exchange. Unlike ETF, private investors or participating financial institutions (SBI made a consortium of banks interested in virtual currencies and remittances, now ~47 banks) will be able to buy actual bitcoin from the comfort of their bank accounts instantly (via netbanking or phone app). Trials are scheduled to end by March, so starting from April (the same month the law legalising payments with cryptocurrencies becomes in force) through sometime this year Japanese bitcoin exchanges are going to face fierce competition. You may read the full report here. The relevant slide is on page 36 of the document. I wanted to add a screenshot here directly, but it appears far to cumbersome of a task.
This comes up so often i am going to have to make some sort of general paste. Lets start with the webpage and notice what it DOESNT say:
The notice provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that: Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes. Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. >Normally, payers must issue Form 1099. The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer. A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.
Ex-boss of MtGox bitcoin exchange arrested in Japan over lost $390m - French-born Mark Karpeles held in connection with the disappearance of hundreds of millions of dollars worth of the virtual currency.
Bitcoin is a virtual currency that began as a concept described in a paper published on the Internet in 2008 by someone assuming the name Satoshi Nakamoto. Through the use of a distributed ledger known as a blockchain, Bitcoin can store and transfer values over the Internet without the need for an issuing authority or administrator. Bitcoin information Bitcoin is a decentralized virtual currency. This currency is exchanged digitally and managed by a peer-to-peer network, rather than a central bank or authority. The supply of Bitcoins is automated and released to mining servers; with a limit of 21 million Bitcoins being reached by 2140. Bitcoin Exchange. Start your trading journey today. Securely buy, sell, and build your cryptocurrency portfolio. Casino. Now you can win big with the official Bitcoin.com casino, play our exclusive games using Bitcoin (BTC). Local. Join our Local Bitcoin Cash (BCH) marketplace to get the best margins on every trade. This entry was posted in Altcoins, bitcoin, Bitcoin News, CBDC, digital garage, Financial Services Agency (FSA), japan, Japan Virtual Currency Exchange Association (JVCEA), News, regulations, Regulatory Sandbox on February 11, 2019 by adminbtc. Digital Currency – An internet-based Instantaneous Medium of Exchange. To make matters slightly more confusing, cryptocurrencies – such as Bitcoin – and virtual currencies – such as Linden ...
Susan Athey: The Economics of Bitcoin & Virtual Currency ...
With the current exchange rate at just over R4000 to a bitcoin, it's still too early to tell what lies in store for the virtual currency -but it is at least making inroads into Africa. Bitcoin is soaring to new highs. CNN's Richard Quest explains the roller coaster ride, and what's next for virtual currencies. Avoiding taxable income from virtual currency can bring some serious consequences. If someone is paying you in Bitcoin you have to include it as a taxable ev... Susan Athey explains how Bitcoin works, and why virtual digital currency might change the way consumers and financial institutions do business. Athey is the ... 📲Binance Exchange : ... Bitcoin Wallet: Ledger Nano S & Trezor One Hardware Wallets Step-by-Step Guide (For Beginners!) ... Bitcoin Documentary Crypto Currencies Bitcoins Blockchain ...