Bitcoin Exempt from UAE Central Bank’s Ban on Virtual Currencies
On January 1, 2017, the Central Bank of the United Arab Emirates (UAE) published a new framework covering digital payments in the country. According to the new “Regulatory Framework For Stored Values and Electronic Payment Systems,” which is applicable to all electronic payment services providers, “all Virtual Currencies (and any transactions thereof)....
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The Central Bank in the United Arab Emirates (UAE) issued the ‘Regulatory Framework for Stored Values and Electronic Payment Systems’ on January 1 which appeared to ban all virtual currencies. However, the Bank’s Governor recently corrected this misconception, confirming that virtual currencies, including bitcoin, are not banned. Bitcoin is not Banned.....
The Central Bank of the United Arab Emirates has moved to clarify recent regulations released on January 1, 2017, that claimed “all virtual currencies are prohibited”. Now, the monetary authority has confirmed that new regulations will not outlaw virtual currencies like Bitcoin. On January 1, the Central Bank of the UAE released a new regulatory framework [PDF] for electronic payment systems. In a marked provision toward virtual currencies specifically, the regulation simply stated: “All virtual currencies (and any transactions thereof) are prohibited.” The sweeping statement that....
At a speech in Rome yesterday, Yves Mersch of the European Central Bank reiterated the bank’s stance on cryptocurrencies from 2012, but warned that such currencies should not be ignored. Essentially, Mersch’s comments were that digital currencies were still too small to be of any consequence at the moment — a key part of the Virtual Currency Schemes report from October 2012, when bitcoins were trading for tens of dollars. “Many media commentators have been wondering what impact these currencies will have on retail payments and even on central banks,” he said. “I agree that virtual currency....
The Bank of Canada has been heavily researching blockchain technology, Bitcoin, and the use of digital currencies. Just recently, a team of central bank researchers published a report called “Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies” examining issues they believe revolve around private and public cryptocurrencies. Is....
The General Directorate of Taxes (DGT), has considered that Bitcoin and other digital currencies will be classified as financial services. Consequently, transactions with Bitcoin are considered exempt from VAT under the Council Directive 2006/112/EC of 28 November 2006 on the common system of Value added Tax approved by the Spanish government. The Spanish DGT concludes that Bitcoin is closely linked to payment instruments, which allows the transfer of money and, as such, this kind of transactions will be VAT exempt. The consultation ends stating that virtual currencies, such as Bitcoin,....