The Latest News About Crypto Regulation
Monday, October 18, 2021 at 7:15 AM filed under Diet & Nutrition postings
In the US, multiple organizations are working on the regulation of cryptocurrencies. Among these, the Financial Crimes Enforcement Network (FinCEN) comes first. Companies identified as MTB (money transferring business) must comply with regulations regarding money laundering and customer recognition, and this includes cryptocurrencies too. As a matter of fact, FinCEN penalized Ripple in 2015 because of this reason. This penalty was also the first sanction imposed on cryptocurrency companies by a state. While the US Treasury Department defines Bitcoin as a convertible virtual currency, the Commodity Futures Trading Commission (CFTC) defines it as a commodity. According to the Internal Revenue Service (IRS), Bitcoin is a “property”, and the tax rules applied to properties apply to it as well.
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