New EU Legislation on VAT Could Be Bad News for Bitcoin
Although it seems to have largely gone unnoticed, the European Union introduced new Value Added Tax (VAT) laws on 1st January this year. As a consequence of this legislation, companies selling electronic goods or services to customers within the EU are now legally required to record the country of residence of their customers, which - according to some - spells bad news for bitcoin. The new legislation was put in place to make sure that VAT is actually paid in countries where the products in question are consumed, as is the purpose of these kinds of taxes. More specifically, the new VAT....
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As Bitcoinist reported yesterday, U.S. Representative Don Beyer (D) from the Virginia 8th district presented a new Bitcoin and cryptocurrencies legislation in the U.S. Congress. The Digital Asset Market Structure and Investor Protection Act would integrate digital assets into the state’s financial traditional structures. The legislation seeks to “protect” consumers, prevent money laundering and criminal […]
Switzerland’s largest bank, UBS, expects the United States Congress to take a long time to pass cryptocurrency legislation despite mounting interest in crypto investments and regulators calling for Congress to weigh in on crypto legislation.
Congress Could Take a Long Time on Crypto Legislation
The largest bank in Switzerland, UBS, published its view on U.S. crypto legislation Friday after the House of Financial Services Committee held a lengthy hearing on the regulation of cryptocurrencies and stablecoins last week.
The Swiss bank’s U.S. Office of....
An official from the Hong Kong government confirmed that leaders don't see the need to come up with legislation to ban bitcoin trading in the country. This comes after news on the MyCoin investment scam prompted a thorough investigation and calls for stricter regulation in the cryptocurrency industry. However, Secretary for Financial Services and the Treasury KC Chan recently made a statement clarifying that bitcoin trading does not pose a significant threat to Hong Kong's financial markets for now. He added that the cryptocurrency is limited in scope and that it hasn't been widely....
Russia has proposed a new anti-terrorism legislation that may lay the foundation to restrict internet liberties in Russia. One particular part of the new legislation can seriously hurt cryptocurrencies like Bitcoin. We got an email today explaining it: Officially it (the new legislation) is aimed at preventing terrorism funding, but it is probably the result of the wide use of“electronic” money transfers for support of political opposition in the recent years. It is proposed to punish (with large fines and imprisonment) all anonymous “electronic” money transfers through the border. Since....
U.S. Congressman Jim Himes says that Congress is not ready to pass cryptocurrency legislation anytime soon, citing a lack of deep understanding of cryptocurrencies among lawmakers. “There’s going to be a lot of discussion in the coming years about ways to regulate” cryptocurrencies, said the congressman. Crypto Legislation Not Expected From Congress Anytime Soon U.S. Representative Jim Himes has revealed some discussions Congress is having regarding cryptocurrency legislation in an interview with Yahoo Finance Friday. The Connecticut representative serves as the chair of....