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Cyprus: Status of Bitcoin

(June 6, 2014) The University of Nicosia, one of the largest English-language universities in the Mediterranean region, is the first accredited university worldwide to accept Bitcoin in lieu of tuition. Moreover, in the spring of 2014, it started a new master’s degree program in Digital Currencies. The University has also suggested to the Cyprus government […]

Mexico: Warning Issued on Risks of Using Bitcoin

(June 4, 2014) In April 2014, Mexico’s National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF, a government agency under Mexico’s Department of the Treasury) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, CONDUSEF, Alerta CONDUSEF sobre uso del bitcoin como medio de pago, […]

Poland: Bitcoin Transactions Made Subject to VAT

(June 4, 2014) As reported by numerous websites publishing Bitcoin-related information, on May 27, 2104, the Lodz provincial office of the Polish Tax Administration issued a statement to the effect that the value-added tax on goods and services will be imposed nation-wide on profits received from sales of Bitcoin. (See, e.g., Eric Calouro, Polish Tax […]

Brazil: Foreigners Statute Amended

(May 9, 2014) Brazil’s Law No. 12,968 of May 7, 2014 (Lei No. 12.968, de 7 de Maio de 2014, PLANALTO) amended articles 9, 10 and 56 of the Brazilian Foreigners Statute (Estatuto do Estrangeiro, Lei No. 6.815, de 19 de Agosto de 1980, PLANALTO). Starting May 7, 2014, tourist visas may alternatively be requested […]

Brazil: New Internet Rules

(Apr. 29, 2014) On April 24, 2014, Brazil published Law No. 12,965, which establishes principles, guarantees, rights, and obligations for the use of the Internet in the country. (Lei No. 12.965, de 23 de Abril de 2014, PLANALTO.) Basis The regulation of the use of the Internet in Brazil is based, inter alia, on respect […]

Mexico: Central Bank Issues Warning on Risks of Using Bitcoin

(Apr. 29, 2014) In March 2014, Mexico’s Central Bank (commonly abbreviated as Banxico) issued a statement explaining the risks of using Bitcoin and similar virtual assets. (Press Release, Banxico, Advertencias sobre el uso de activos virtuales como sucedáneos de los medios de pago en moneda de curso legal (Mar. 10, 2014).) Banxico’s statement warned the […]

Estonia: Rules on Taxation of Bitcoin

(Apr. 18, 2014) On March 13, 2014, the Tax and Customs Board of Estonia published on its website a document entitled Taxation of Trade in Bitcoins (Maksustamine Bitcoin’idega Kauplemisel (Mar. 2014)). In this first government statement concerning the official policy in regard to Bitcoin, the Board followed the position of the European Central Bank and […]

Turkey: Law on Internet Publications Amended

(Feb. 24, 2014) On February 6, 2014, the Grand National Assembly (GNA) of Turkey passed new amendments to Law No. 5651 on Regulation of Publications on the Internet and Combating Crimes Committed by Means of Such Publications (5651 sayili Internet Ortaminda Yapilan Yayinlarin Düzenlenmesi ve Bu Yayinlar Yoluyla Islenen Suçlarla Mücadele Edilmesi Hakkinda Kanun (May […]

Russia: Bitcoin Exchanges Can Be Penalized

(Feb. 6, 2014) On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled “On Using Virtual Currencies, Specifically Bitcoin, in Transactions.” (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) In the absence of legal acts that would regulate the use of Bitcoins, this statement appears to […]

Israel: Prohibition of Online Distribution of Sexual Images Without Consent

(Jan. 10, 2014) On January 6, 2014, the Knesset (Israel’s parliament) approved an amendment to the Prevention of Sexual Harassment Law, 5758-1998 (hereinafter the PSH Law). (PSH Law 5758-1998, SEFER HAHUKIM [Official Gazette], No. 1661 at 166, as amended; PSH Law (Amendment No. 10), 5774-2014, the Knesset website, [scroll down to appropriate link; hereinafter the […]