Taking a page from the New York Department of Financial Services, Japan appears toe begin working on rules to regulate virtual currencies. No word from Mt. Gox or Mark Karpeles if this will impact their business.
More from Japan Times
A working group under the Financial System Council has compiled a draft proposal on regulations for virtual currencies that are traded on the Internet, informed sources said Wednesday
The draft calls for introducing a compulsory system for the operators of virtual currency exchanges to be registered with the Financial Services Agency to protect virtual currency users, the sources said.
If you have come into possession of Bitcoin or any other digital currency such as Ripple or Litecoin that is “convertible” to a real currency or can be used to pay for goods and services, it may seem virtual. But the Internal Revenue Service considers it very real and you need to account for it at tax time.
Here’s how Bitcoin that you have mined, minted, spent, tipped, gifted, donated, etc., will be taxed, plus two gray areas you should be aware of.
Forbes has an article that discusses the concerns that Bitcoin maybe used to finance criminals and terrorists.
Given the recent attacks regulators are pushing to close and all possible avenues that terrorists may use to get financing (except in the case of oil.)
Is Bitcoin The Currency of Terrorism? In light of the recent attacks in Paris that led to the deaths of 129 Parisians, the European Union (EU) and other international powers, including the United States and Russia, have been gathering to discuss how to curb the threats of terrorism, specifically ISIS or […]