Category Archives: bitcoin

Regulatory TREND. 4 Concerns Over State Accepting Bitcoin Payments.

  • Fees charged by bitcoin processor.  Do the fees exceed fees in other payment options
  • Fraud there is a well known Canadian bitcoin tax scam
  • Unnecessary  who wants bitcoin payment? the information according to the state will not be available until after a few months into the program
  • Safety. Is it safe?

Nextgov | Is this about grabbing some of the sizzle that comes with all things blockchain and crypto

Lege TREND. Bitcoin. Taxing Cryptocurrency miners.

Norway is changing the way it taxes bitcoin miners.

The current tax structure for cryptocurrency miners: 

  • the lower rate for power intensive industries (capacity of more than 0.5 megawatts)
  • the rate: $0.00056 per kilowatt hour
    • 2.8% of the standard tax rate

The new rate tax structure for bitcoin in Norway:

  •  $0.019 per kilowatt hour

CryptoCurrency 365 | Norway Decided to Impose Normal Electricity Tax on Miners

Regulatory TREND. Accept Bitcoin for TAX PAYMENTS. 3 takeaways from Ohio

  • Ohio is the 1st state to accept bitcoin for tax payments
  • On OhioCrypto.com 23 Ohio taxes can be paid via bitcoin
  • Bitcoin tax payments will be limited to Businesses
    • After a successful pilot with businesses, then the bitcoin tax payments will open for individual OH taxpayers

Crypto Currency News | Ohio Accepts Bitcoin for Tax Payments: A Much-Needed Silver Lining. 

Refreshing our Recollection | 3 Elements to Bitcoin Regulation

  • Caution: Conflicts of Interest.  Virtual asset trading platforms often engage in several lines of business that would be restricted or carefully monitored in a traditional trading environment.
  • Account for Abusive Trading Behavior
  • Consumer Protetctions needed

 

NY Attorney General | Virtual Markets Integrity Investigation 

Regulatory TREND. Keep Bitcoin Transaction Clean with Strong Money laundering laws.How. What. Where.

Where: CipherTrace’s 2018 Q3 Cryptocurrency Anti-Money Laundering Report says 4.7% of funds moved through unregulated bitcoin exchanges is being cleaned

How can it be stopped? 

  • strong money laundering laws
  • bitcoin exchange regulation

 

Business Technology Media | Strong anti-money laundering laws hamper crypto-currency crime

NY Attorney General Report on Crypto Currency Regulation. 3 Recommendations.

  • Caution: Conflicts of Interest.  Virtual asset trading platforms often engage in several lines of business that would be restricted or carefully monitored in a traditional trading environment.
  • Account for Abusive Trading Behavior
  • Consumer Protetctions needed

 

NY Attorney General | Virtual Markets Integrity Investigation 

Regulatory TREND. 10 Requirements for a Initial Coin Offering in NJ

New Jersey Financial Services Commission has 10 requirements for Jersey ICO issuers:

  • Be incorporated as a Jersey company.
  • Receive consent under the COBO from JFSC before any action is taken (the consent process is detailed further in the Guidance Note).
  • Comply with JFSC’s Sound Business Practice Policy.
  • Apply relevant anti-money laundering and other such requirements to ICO purchasers.
  • Appoint and maintain a trust company business (“TCSP”).
  • Appoint and maintain a Jersey resident director.

    • …

Regulatory TREND. 5 Activities Requiring BITLICENSE in NY

NY Department of Financial Services requires a bitLicense for any of the following acitivities:

  • Virtual currency transmission
  • Storing, holding, or maintaining custody or control of virtual currency on behalf of others
  • Buying and selling virtual currency as a customer business
  • Performing exchange services as a customer business
  • Controlling, administering, or issuing a virtual currency
     

BitLegal | The New York Department of Financial Services (NYDFS), grants a virtual currency (VC) license…

3 Reasons Economists Say Bitcoin Fails Under Regulation

Economist say regulation will kill bitcoin because:

  • bitcoin has no intrinsic value and price volatility
  • the government will regulatue anonymous transactions
  • bitcoin inherently “contradicts the idea of creating “a transparent banking system.”

CoinTelegraph | Former World Bank Chief Economist: Bitcoin Will Fail as Governments Increase Regulation