‘Guinea Pig’ Money Laundering Case May Decide Bitcoin’s Legal Status
Is it possible to be laundering money with Bitcoin if it’s not legally considered money? A court case in Florida may be about to give us an answer. Can’t Launder Money If It’s Not Money. The by-now infamous case concerns Michel Espinoza, a young computer programmer and early bitcoin trader arrested in January 2014, and later charged with dealing in....
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A money-laundering case in Miami is expected to determine what the future of Bitcoin in the U.S. will be. A 32-year-old Florida man is charged with attempted money-laundering after illegally selling $1,500 in Bitcoins. The essential question is: was it really money he was laundering? The verdict of Miami-Dade Circuit Judge Teresa Mary Pooler may serve as a landmark of what Bitcoin actually is from the US law’s viewpoint. It’s the fact that this is the first case of its kind which makes it so special. What are you Bitcoin? The actual history of Bitcoin use and officials’ attempts to....
The Pakistani government has formed three committees to decide whether to establish a legal framework for cryptocurrency or ban it. The committees will review all aspects of the cryptocurrency business and come up with recommendations on the country’s crypto policy.
Committees Constituted to Decide on the Legal Status of Cryptocurrency in Pakistan
Pakistan’s federal government has constituted three sub-committees to decide the future of cryptocurrency and related businesses in the country, the Express Tribune reported Tuesday citing documents it has seen.
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Italy's Financial Intelligence Unit (FIU), an organ of the Central Bank in charge of combating money laundering and terrorist financing, issued a statement warning digital currency businesses to stay vigilant regarding suspicious activities due to the lack of AML/KYC requirements for Italian companies. In light of previous statements issued by the European Central Bank (ECB), the European Banking Authority (EBA), and the Financial Action Task Force (FATF), the FIU made a public announcement on February 2, emphasizing on the risk of money laundering and terrorist financing that are facing....
A document issued by the Russian Federal Tax Service finally presents the first official position on the status of Bitcoin and cryptocurrencies in Russia, equating them to foreign currency. ‘No Specific Legislation’ Banning Bitcoin in Russia. The formal letter, dated 3 October 2016, states that for legal purposes, cryptocurrencies should be treated as any other foreign currency. These require no financial reporting of transactions. The legal consultant for Deloitte and head of the Russian blockchain community, Artem Tolkachev summarized the document: The concepts of surrogate money,....
Authorities in Hong Kong have arrested four people suspected of money laundering a total of $155 million through cryptocurrency wallets and bank accounts. The city’s customs agency said this was its first case in which virtual money had been used to launder dirty cash. Money Laundering Syndicate Recycles $155 Million in Crypto and Fiat Transactions The criminal group is believed to have processed illegal funds for a total of 1.2 billion Hong Kong dollars ($155 million), Hong Kong Customs announced Thursday. In an operation code-named “Coin Breaker,” officers detained the....