New digital dispute rules aim to keep crypto disagreements out of court
New digital dispute rules could keep smart contract disagreements out of the courts with the help of an independent arbitration tribunal. A British government-sanctioned task force has proposed a dispute resolution framework that would keep cryptocurrency and smart contract disagreements out of the courts. A 14-page report published by LawTechUK’s UK Jurisdiction Taskforce puts forward new “Digital Dispute Resolution Rules” that aim to provide a standardized means of dealing with smart contract disputes. Under the remit of the new rules, crypto-based disputes could be resolved without any....
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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 legal battle over roughly $1m in disputed funds continues between Ripple Labs and founder and ex-employee Jed McCaleb, with a flurry of new court filings over the past month setting the stage for conflict between the two sides. In total, $1,038,172 is currently being held by digital currency exchange Bitstamp, an amount that both Ripple Labs and the Stellar Development Foundation, McCaleb's current employer, are now seeking. Both sides have weighed in on whether the court should grant Bitstamp's request to be discharged from the case after it filed a complaint for interpleader on 1st....
Bitcoin transactions will be exempt from Value Added Tax (VAT), the European Court of Justice (ECJ) has ruled. According to the Financial Times, the ECJ said that bitcoin transactions "are exempt from VAT under the provision concerning transactions relating to currency, bank notes and coins used as legal tender." The ECJ's long-awaited ruling comes after its Advocate General Juliane Kokott urged the court to refrain from applying tax to bitcoin purchases and sales, in an opinion document published in July. The European court first looked into bitcoin taxation in June last year after the....
The Internal Revenue Service is seeking to delay an upcoming hearing in its ongoing court dispute with digital currency exchange Coinbase, new court filings show. According to a stipulation and proposed order filed today in the US District Court for the Northern District of California, attorneys for the IRS have asked to delay a 16th February hearing on petitions by both Coinbase and one of its customers, each of whom have sought to formally intervene. The IRS had previously filed motions seeking to stop both sides from entering the case. Now, the US tax agency wants to push that hearing....
Earlier this week, the European Court of Justice decided to exempt bitcoin transactions from Value Added Tax (VAT). In so doing, the court effectively recognized bitcoin as a legitimate means of payment in Europe, putting it in the same realm as other currencies for tax purposes. The ruling comes months after court advocate general Juliane Kokott said the court should refrain from applying tax to bitcoin sales and purchases in an opinion published in July. Europe's highest law court first began looking into bitcoin taxation in June last year after the Swedish tax office challenged a court....