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Cryptocurrency Enforcement News


February 2, 2017 - Coinbase Sends American Clients IRS Tax Form 1099-K
The company explains that it files 1099-K for customers who have received cash above the required reporting threshold, which is more than 200 receipt transactions or greater than $20,000 during the year.

January 10, 2018 - What You Need To Know About Taxes & Cryptocurrency
But taxes are rarely simple. Things can get complicated very quickly. Here are the basics:

January 8, 2018 - Bitcoin price LIVE: Cryptocurrency rises while meme 'Dogecoin' offering hits $1 BILLION
A cryptocurrency offering called 'Dogecoin', created in 2013 inspired by internet meme of Shiba Inu dogs with nonsense neon captions has reached a market value of more than $1.2bn (£900m).

January 4, 2018 - 20 Cryptocurrencies That Ran Circles Around Bitcoin in 2017
At the end of 2016, the aggregate market cap of all cryptocurrencies combined was a mere $17.7 billion. But by year's end, this combined market value had skyrocketed to $613 billion,

December 27, 2017 - Bitcoin Sellers Cut Taxes By Moving Before Sale
if you move to Nevada or Texas before you sell, your sale should be sourced to Nevada or Texas. Since California has a 13.3% income tax, and no tax break at all for capital gain, paying tax in California would be painful. Nevada, Texas, Florida, Washington, South Dakota, Alaska and Wyoming have no state income tax.

December 27, 2017 - Do You Really Know What Bitcoin Is? A Guide for the Confused.
Unlike most currencies, bitcoin is not supervised or endorsed by any government; it has incredible price volatility, which makes transactions complicated and undermines the safety-deposit-box approach; and, unlike the stock market, where valuations are based at least theoretically on expectations of future company value, there is no “fundamental” basis of speculative value for bitcoin.

December 21, 2017 - Netanyahu’s Bitcoin Forecast Puts Israel at Center of Financial Technology Revolution
Israel has recently been identified as a global leader in the emerging blockchain and digital currency sphere, with experts in the field acknowledging that the Jewish state’s cyber capabilities, security proficiency and wealth of entrepreneurial expertise provide an ideal foundation for blockchain technology projects.

December 19, 2017 - Can the SEC Regulate Bitcoin? Cryptoassets' Legal Questions (Tentatively) Answered
On Dec. 11, the Securities and Exchange Commission, one of the federal government's most fearsome financial regulators, stopped an initial coin offering in its tracks. The SEC declared the ICO an unregistered offering of securities and ordered Munchee—the "Blockchain-based ​incentivized ​restaurant ​review ​platform" in question—to return the bitcoin and ether it had raised from investors.

December 19, 2017 - Bitcoin offers the cannabis industry an alternative to banks
Technology companies like SinglePoint and POSaBIT are working to generate a payment method for dispensaries and consumers using bitcoin. In recent years, some cryptocurrencies have cropped up specifically for cannabis transactions, like PotCoin and HempCoin.

December 19, 2017 - UBS boss says bitcoins 'not money', urges regulators to act
The currency is not an effective means of payment since it is not universally accepted, it is not a good measure of value since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable, he said.

December 19, 2017 - Here’s how the U.S. and the world are regulating bitcoin and cryptocurrency
“Where we see fraud, and where we see people engaging in offerings that are not registered, we are going to pursue them because these types of things have a destabilizing effect on the market,” said Clayton at a meeting at the Federal Reserve Bank of New York at the end of November.

December 19, 2017 - Trading Bitcoin for an Altcoin Won’t Shield You From the IRS Anymore
The new tax bill defines “like kind” exchanges to pertain only to real estate deals. To make things as clear as possible, this means that if you trade bitcoin for tether (USDT) for example, that is a taxable event.

December 13, 2017 - Coinbase Ordered to Hand IRS Data on 14,000 Users
Following a lengthy legal battle between the two entities, the San-Francisco district court ruled Tuesday that Coinbase must hand over user accounts at the exchange that bought, sold, sent or received sums of $20,000 and higher between 2013 and 2015.

December 12, 2017 - Will US Government Continue to Target Bitcoin Users for Taxes?
Thanks to Coinbase’s efforts, more than 480,000 customers’ records were preserved from disclosure. This is a 97% reduction in the number of customers impacted by this summons. Second, the quantity of data we must produce for the approximately 14,000 customers who remain in scope has been significantly reduced.”

December 12, 2017 -Four Tax-Related Takeaways for Business Owners Regarding Cryptocurrencies
According to the IRS, cryptocurrencies are treated and taxed as property transactions. This means that, unlike traditional fiat currency purchases and investments, any gains or losses related to cryptocurrencies will be subject to capital gains taxes, capital loss deductions, and additional recordkeeping requirements.

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