EU Court Rules Bitcoin Exchange is Tax-Free
The EU Court of Justice has ruled that Bitcoin exchange is exempt from VAT in a landmark ruling. The news follows a dispute in Sweden over the tax status of Bitcoin, with the Swedish Tax Agency lobbying for the rules to be relaxed and publishing a recommendation that this should occur. Previously, the VAT landscape in the EU varied between states, with some exempting Bitcoin services such as Finland and Spain and some requiring the currency to adhere to standard tax laws common to fiat currencies. “So, even a temporary ‘tax free’ status will get more people into cryptocurrencies [...] They....
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Today, the 22nd of October, The European Union’s top court ruled that Bitcoin and digital currencies should be exempt from sales taxes within the 28-country block. The European Court of Justice stated it saw no reason to treat Bitcoin differently transactions involving Fiat currency used as legal tender. The Court ruling was made clear following a complaint by a Swedish entrepreneur wanting to provide a service on a Bitcoin exchange which involved other traditional currencies. The Swedish entrepreneur wrote to the court arguing that the service should be tax-free.
A Chinese intermediate court based in Beijing recently upheld a lower court’s ruling which determined that cryptocurrency is a virtual property protected by the law. The court clarified that regulations issued by the Bank of China and others only prohibit the circulation of virtual currency. ‘Financing Behaviour Prohibited by the Law’ An intermediate court in China recently upheld a lower court’s ruling that designated litecoin a virtual property protected by the country’s laws, a report has said. The court clarified that the country’s relevant....
Chile’s Free Competition Defense Court (TDLC) ruled in favor of the Latin American cryptocurrency exchange Bud after their checking accounts were closed by two major banks in the midst of a lawsuit related to a Ponzi scheme unrelated to the exchange. Chilean Court Rejected Petitions From Two Banks to Keep Checking Accounts Closed From Crypto Exchange Buda According to Diario Financiero, the TDLC decided that Banco Itaú and BancoEstado should keep open Buda’s bank accounts, which were shut down in 2018 during an investigation of a bogus company named Terra Finance that....
The UK Court of Appeal has overturned an earlier court ruling which denied Nicolas Maduro access to Venezuela’s gold worth about $1 billion kept at the Bank of England. The court did not recognize Maduro as the legitimate leader of Venezuela. Court Rules in Favor of Central Bank of Venezuela Over $1 Billion Gold The English Court of Appeal reportedly overturned an earlier High Court ruling Monday concerning Venezuela’s gold worth about $1 billion kept at the Bank of England. The Bank of England had denied Nicolas Maduro’s access to Venezuela’s gold kept at the bank....
A Dutch bitcoin (BTC) exchange has filed a preliminary injunction at a court in Rotterdam to suspend the central bank’s additional wallet-verification requirements. Bitonic seeks to challenge the new rules enacted by the De Nederlandsche Bank (DNB) on Sept. 21, 2020. Dutch Exchange Argues Additional KYC Rules Lack ‘a Proper Legal Basis’ Per the bitcoin exchange’s announcement, the additional know your customer (KYC) requirements imposed by the central bank violate users’ privacy. However, the crypto firm clarifies that the legal obligations “are not....