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Israel: Tax Authority Notifies Cryptocurrency Owners of Tax Obligations

(Dec. 13, 2018) The Israel Tax Authority (ITA) has recently notified hundreds of Israelis it has identified as receiving income from cryptocurrency that they are required to report on their transactions in bitcoin and other cryptocurrency. The ITA does not consider cryptocurrency as currency but rather as assets subject to property tax at a rate […]

China: E-Commerce Law Passed

(Nov. 21, 2018) On August 31, 2018, the Standing Committee of the National People’s Congress (NPC) of the People’s Republic of China (PRC or China) passed the PRC Electronic Commerce Law. The Law will take effect on January 1, 2019. (Zhonghua Renmin Gongheguo Dianzi Shangwu Fa [PRC Electronic Commerce Law] (promulgated Aug. 31, 2018, effective […]

European Union: European Court of Justice Rules Sellers Must Inform Consumers of Fee-Incurring Preloaded and Preinstalled Services on SIM Cards

(Sept. 28, 2018) On September 13, 2018, the European Court of Justice (ECJ) held that selling SIM cards with preinstalled and preloaded fee-incurring services constitutes an aggressive unfair commercial practice. It stated that consumers must be informed in advance of such services so that they can make a free choice. The ECJ concluded that such […]

Israel: Knesset Passes Medical Tourism Legislation

(Sept. 25, 2018) On July 18, 2018, the Knesset (Israel’s Parliament) approved the Medical Tourism Law, 5778-2018 (SEFER HAHUKIM [SH] 5778 No. 2750 p. 963, Ministry of Justice website (in Hebrew; click on issue No. 2750). The Law regulates the medical tourism industry in Israel. Among other things, it introduces registration requirements for medical tourism […]

Japan: Law to Establish Casino Resorts Enacted

(Sept. 20, 2018) The Act on Development of Specified Complex Tourist Facilities Areas was enacted in Japan in July 2017. (Integrated Resort Development Act, Act No. 80 of 2018, KANPOU [OFFICIAL GAZETTE] Extra ed. No. 166 (July 27, 2018), at 18, National Printing Bureau website (in Japanese).) This Act corresponds to the Act on Promotion […]

Liechtenstein: Government Adopts Consultation Report on Draft Blockchain Act

(Sept. 20, 2018) On August 28, 2018, the government of Liechtenstein adopted a consultation report on a proposed Blockchain Act. The goal of the Blockchain Act is to take advantage of the potential of blockchain technology, create legal certainty for market participants, protect users of blockchain technology from potential abuse, and reduce potential reputation risks […]

Malta: Government Passes Three Laws to Encourage Blockchain Technology

(Aug. 31, 2018) On July 4, 2018, the Maltese government enacted three laws whose goal is to make Malta a haven for projects that rely on blockchain and other distributed ledger technology (DLT). The Malta Digital Innovation Authority Act (MDIA Act), Innovative Technology Arrangements and Services Act (ITAS Act), and Virtual Financial Assets Act (VFA […]

European Union: New Rules for Money Market Funds

(Aug. 31, 2018) On July 21, 2018, new rules to make money market funds (MMFs) more resilient against financial market difficulties, reduce the risk of runs, and limit cross-border contagion began applying to newly issued MMFs in the European Union (EU). Existing MMFs must show compliance by January 21, 2019. MMFs are mutual funds that […]

Japan: Short-Term Home Rentals Restricted by Many Local Governments

(Aug. 31, 2018) In June 2017 the Diet (Japan’s Parliament) enacted the House Sharing Business Act, which regulates short-term home renting (minpaku). (Sayuri Umeda, Japan: Law on Renting Rooms in Private Homes to Tourists, GLOBAL LEGAL MONITOR (June 16, 2017).) The new law became effective on June 15, 2018. (Press Release, Japan Tourism Agency, Cabinet […]

Japan: Age of Adulthood to Be Lowered to 18 in 2022

(Aug. 30, 2018) The Diet (Japan’s Parliament) passed an act in June 2018 to amend the Civil Code and other laws (Act No. 59 of 2018, KANPOU [OFFICIAL GAZETTE] Extra Ed. No. 132, at 6 (June 20, 2018), National Printing Bureau website (in Japanese)) to lower the age of adulthood to 18 (CIVIL CODE, as […]