Finland at Odds with EU on VAT Exempts Status of Bitcoin Services
The nation of Finland has ruled that Bitcoin services will be exempt of Value Added Tax. While many in the Bitcoin community dread the thought of regulation and taxes, the fact is that if Bitcoin is ever going to become mainstream, both might become a necessary evil in some countries. But of outmost importance is the question of how those regulations and taxes are or will be applied. Countries around the world have been struggling with exactly how to address virtual currencies and the nations of the European Union are no exception. But now the Scandinavian nation of Finland ruled that....
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Finnish regulators have classified bitcoin as a financial service, thus granting it VAT-exempt status. The Finnish Central Board of Taxes (CBT) judged bitcoin to be a financial service in ruling 034/2014, which states that bitcoin purchases qualify as "banking services" under the EU Value Added Tax (VAT) Directive. The ruling was issued after a court classified bitcoin as a payment instrument and sets Finland's approach to the cryptocurrency apart from most European jurisdictions, which generally treat bitcoin as a commodity. However, the nation is not completely alone in taking this....
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....
The government of Finland is discussing supporting Ukraine with part of the money from the liquidation of millions of dollars worth of cryptocurrency seized in crime investigations. Finnish authorities want to sell the bitcoins soon and say they couldn’t come up with a better idea for the proceeds.
Finland Selects Brokers to Sell $75 Million of Confiscated Crypto
Authorities in Helsinki have recently chosen two brokers to organize the sale of over €71 million ($75 million) worth of bitcoin (BTC) in the coming weeks. The country owns the coins that have been sized....
The Finnish Financial Supervisory Authority published stricter rulings regarding crypto marketing. Hot on the heels of the rising cryptocurrency hype, Finnish regulators have dropped a formal notice. On Nov. 24th, the Financial Supervisory Authority (FIN-FSA) stated:“Only registered virtual currency providers can market virtual currencies and related services in Finland. The marketing of virtual currencies in Finnish and in Finland is only allowed for entities registered as virtual currency providers in Finland.”Finland is a highly economically free country, ranking 17th in the Index for....
The hottest topic in the Bitcoin space in 2017 is if Wall Street will get in the game through a Bitcoin ETF. As this decision is now just one week away, the odds of acceptance have shifted more in its favor than ever before. Bitcoin ETF Odds Highest Ever. Over the last couple of months, since this decision timetable became public knowledge, the odds have been long against the ETF, brought forth by the Winklevoss Twins three years ago, gaining Securities Exchange Commission approval. Odds have consistently been rated at 25% or less. However, now that you can vote on these odds, things have....