The two United States of America announced that bitcoin does not belong to the scope of Taxation and regulation

The two United States of America announced that bitcoin does not belong to the scope of Taxation and regulation

The financial supervision policy of bitcoin and other encryption currency is in the United States some of the area change. The United States of Texas and Illinois recently announced bitcoin transactions directly from the transfer of funds regulatory supervision, which means that bitcoin does not belong to the scope of Taxation, considering demands of regulatory and policy KYC. At a time when the IRS request bit exchange Coinbase to provide user information, for the taxation of bitcoin, bitcoin looks in the United States is perplexing problems of taxation.

Marco centaure bitcoin expert and CooleyLLP director of Law Corporation financial technology practice department (MarcoSantori) revealed that the state of Illinois has formally proposed bitcoin new guidelines, and is soliciting feedback from various bitcoin experts, professionals and Law Corporation crypto currency.

In the new guidelines in the state of Illinois pointed out that although the exchange belongs to the transfer of funds, they are required to hold legal tender to provide to the buyer, but the direct purchase or sale of bitcoin does not belong to the transfer of funds. The guidelines document also said that the currency to the encryption encryption currency transactions does not belong to the transfer of funds. Therefore, in the state of Texas and Illinois, such as the Shapeshift platform and the transfer of funds would not be included in the regulatory framework.

In view of the transfer of funds regulatory framework is only applicable to the user managed funds, bitcoin monetary or legal organization, so go to the center of the exchanges such as Bitsquare will not KYC policy or money transfer regulations account.

Earlier this year, introducing a bitcoin currency trading point of – exchange Bitsquare, for users who provided concerns KYC policies and strict supervision, Bitsquare can be used to replace the traditional bitcoin exchange.

The regulatory framework in Texas and the state of Illinois, by transfer of funds regulatory supervision of bitcoin exchange platform LocalBitcoins is not the same, the user can freely between the bitcoin currency trading in the unregulated case.

However, Santori pointed out that the bitcoin kiosks and bitcoin ATM (BTM) trading bitcoin still regulated, and because they are connected with the back end of bitcoin exchange. And, because bitcoin kiosks and BTM managed fiat money available to the seller, so they still belong to the scope of supervision of fund transfer.

At present, bitcoin currency trading and encryption is still a unified currency Service Act (UMSA) as the transfer of funds, and whether there is a transfer or third party intermediary institutions. Therefore, according to the basic regulatory framework established in Washington, most states still between bitcoin statutory currency transactions as a transfer of funds.

With the increase of bitcoin market capital, the development of international users, their development become a global digital currency and regulators continue to understand the encryption monetary areas, more and more states and countries will begin by the feasible and practical regulations, like Dezhou and Illinois.

Leave a Reply

Your email address will not be published. Required fields are marked *