IRS Releases Bitcoin Guidance (And It Isn't Good)
The IRS released a technical notice this week which definitively affirmed Bitcoin's taxability in the United States and clarified how transactions involving Bitcoin and other so-called virtual currencies should be reported by US taxpayers. Notice 2014-21 declared that bitcoins should be treated as property, not as currency, echoing guidance provided by....
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The NY State Department of Financial Services, notorious for its strictness, claims to be the first regulator in the country to impose requirements of the type. The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer.The requirements in the guidance concern redeemability, reserves and attestation. They state that a stablecoin must be fully backed by....
For some, the OCC's recent stablecoin guidance, while helpful, raises as many issues as it clarifies.
Out of 31 nations, only 5 have tax guidance addressing cryptocurrency rewards via staking, a study found.
The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.”
U.S. Labor Department Sued Over Crypto Guidance
The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,'” was issued on March 10.
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In response to the growing adoption of crypto in real estate, four Japanese regulatory authorities have issued joint guidance outlining compliance requirements to mitigate money laundering risks in property transactions. Related Reading: GENIUS Act Ready Or Not? BitGo Says Here Are The 5 Fixes For Successful Rollout Authorities Issue Crypto Guidance For Real Estate Industry […]