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Sweden: Tax Authority Publishes Guidelines for Income Tax on Bitcoin Mining, Suggests Prohibition of Bitcoin Use in Waste and Scrap Metal Transactions

(May 20, 2015) On April 24, 2015, just days before the May 4 tax filing deadline, Sweden’s Tax Authority published guidelines on how to declare income from Bitcoin mining. (Beskattning vid mining av bitcoin och andra virtuella valutor m.m. [Guidelines on the Taxation of Mining of Bitcoins and Other Virtual Currencies] (Apr. 24, 2015), Dnr […]

European Union; Lithuania: Euro Zone Membership on January 1, 2015

(Dec. 18, 2014) Lithuania, after a long and arduous process, has been found by the European Commission and the European Central Bank to meet the required criteria and will join the euro zone on January 1, 2015; as of that date it will also adopt the euro as its currency. With the addition of Lithuania, […]

Sweden: Enforcement Authority to Collect Bitcoins

(Oct. 23, 2014) On October 6, 2014, the Swedish Enforcement Authority staff announced, to Swedish media outlets, that it will start to investigate and seize Bitcoin holdings when collecting funds from indebted individuals. (Kronofogden ska leta Bitcoins hos skuldsatta [Swedish Enforcement Authority to Look for Bitcoins from Indebted Individuals], SVERIGES RADIO (Oct. 6, 2014).) The […]

Russia: Fines for Bitcoin Transactions Will Be Introduced

(Oct. 7, 2014) On October 3, 2014, Ministry of Finance of the Russian Federation, as a part of a government legislative initiative, announced that it is going to submit to the State Duma (legislature) legislation that would recognize the act of engaging in Bitcoin transactions as a misdemeanor and impose fines for “transactions with a […]

Australia: Tax Office Releases Guidance Paper and Draft Rulings on Bitcoin

(Aug. 25, 2014) On August 20, 2014, the Australian Taxation Office (ATO) issued a guidance paper, a Goods and Services Tax (GST) Draft Ruling, and four draft taxation determinations on the taxation treatment of Bitcoin and other virtual currencies. The documents were released in time for taxpayers to take them into account in completing their […]

Iceland: National Digital Currency Auroracoin Launched

(Aug. 12, 2014) On March 24, 2014 creators of Auroracoin launched a helicopter drop of Auroracoins; they were available to all Icelanders who wanted to claim them. The digital currency is a competitor of Bitcoin and meant to cater to Iceland, although it can be changed into Bitcoins. It acts as a gateway currency for […]

Denmark: Recent Bank and Tax Statements on Bitcoin

(July 16, 2014) On March 18, 2014, the Danish Central Bank issued a statement declaring that Bitcoin is not a currency. The Bank went on to explain, “Bitcoin does not have any real trading value compared to gold and silver, and thus is more similar to glass beads.” (Press Release, Bitcoin er ikke penge, Danish […]

Canada: Canada Passes Law Regulating Virtual Currencies as “Money Service Businesses”

(July 9, 2014) On June 19, 2014, the Governor General of Canada gave his royal assent to Bill C-31 (An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014 and Other Measures (Bill C-31), STATUES OF CANADA 2014, Ch. 20), which includes amendments to Canada’s Proceeds of Crime (Money […]

Italy: Recent Developments on Bitcoin

(June 12, 2014) On May 2, 2014, the Central Bank of Italy released its Biannual Report, which included a statement advising Italians against buying, investing in, or using Bitcoin as a currency. (Eric Calouro, Italian Central Bank Sounds Warning on Bitcoin, BITCOIN NEWS SERVICE (May 2, 2014).) The main grounds for the Central Bank’s objections […]

European Union: Central Bank Board Member Speaks on Bitcoin

(June 6, 2014) On May 19, 2014, Yves Mersch, an executive board member of the European Central Bank, in a speech given to Cash Symposium 2014, in Germany, argued in favor of the superiority of the euro as a form of payment in comparison with virtual currencies such as Bitcoin. He commented that consumers have […]