How the IRS Guidelines on Bitcoin may affect the Crypto-Community
The recent IRS Tax Guidelines on Bitcoin has everyone in a stir. If you haven't read about it, go ahead a read it now. The full release is here. Essentially, the Inland Revenue Service will be treating Bitcoin as property for tax purposes. What this means is that you will have to pay retroactive taxes on its gains from the original price you bought it. The capital gains tax, for those who do not know what it is, is a tax on a non-inventory asset that gains value, like stocks, bonds and precious metals. The IRS defines it as such: "Almost everything you own and use for personal or....
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The Advertising Standards Council of India has released guidelines for the advertising and promotion of crypto assets and related services. “We had several rounds of discussion with the government, finance sector regulators, and industry stakeholders before framing these guidelines.”
India’s Crypto Ad Guidelines Published
The Advertising Standards Council of India (ASCI) published Wednesday “guidelines for advertising and promotion of virtual digital assets and services.”
The guidelines are applicable to all advertisements....
OKCoin, one of China’s so-called ‘Big Three’ bitcoin exchanges, has published new guidelines to adhere to AML requirements by regulators and authorities. The announcement, published on its China-based and international websites, comes amid the ongoing withdrawal freeze of bitcoin and Litecoin enforced by Chinese exchanges due to regulatory pressure from the People’s Bank of China, the country’s central bank. The guidelines read nearly identical for Chinese and international users. Roughly translated, the Chinese announcement begins: Considering from the perspectives of national Anti-Money....
Local exchanges now have until July 11 to update their rules for listing tokens in order to be in compliance with SEC guidelines. Thailand’s Securities and Exchange Commission has approved guidelines prohibiting crypto exchanges in the country from supporting four different types of tokens in certain cases.In a Friday announcement from the Thai SEC, the regulatory body said that Secretary-General Ruenvadee Suwanmongkol had approved crypto exchange guidelines, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to go into effect.....
The National Superintendency of Crypto Assets (Sunacrip) and the National Electricity Corporation of Venezuela (Corpoelec) signed an agreement to establish guidelines to “improve the development” of bitcoin and other crypto mining activities across the country. Venezuelan Government Bodies Are Expected to Set Guidelines for Granting Crypto Mining Licenses According to the government’s announcement on Dec. 9, the Framework Agreement for Inter-institutional Cooperation will define which electric fees will be required for crypto miners to pay to pursue their activities. But....
The U.S. Federal Reserve Board has said it has released the final guidelines which are set to be used by Reserve Banks when “reviewing requests to access Federal Reserve accounts and payment services.” According to the board, the final guidelines will become effective as soon as they are published in the Federal Register.
New Guidelines Aimed at Establishing a Transparent and Consistent Set of Factors for Reserve Banks
The board of the U.S. Federal Reserve recently announced what it called the “final guidelines which establish a transparent, risk-based, and....