Library of Congress

Law Library of Congress

The Library of Congress > Law Library > News & Events > Global Legal Monitor

Germany: Federal Ministry of Finance Publishes Guidance on VAT Treatment of Virtual Currencies

(Mar. 13, 2018) On February 27, 2018, the German Federal Ministry of Finance published guidance on value-added-tax (VAT) treatment of bitcoin and other virtual currencies. It determined that transactions to exchange a traditional currency for bitcoin or other virtual currencies and vice versa constitute the taxable supply of other services for consideration, but fall under […]

Belarus: Decree Introduces Common-Law Principles and Tax Exempts Mining of Cryptocurrencies

(Jan. 3, 2018) On December 21, 2017, the President of Belarus signed the Decree on Developing the Digital Economy, which is aimed at “creating conditions, under which world-class IT companies would come to Belarus to work on developing new products and technologies that would be in demand worldwide.”  (Decree No. 8 of Dec. 21, 2017, […]

Sweden: Bitcoins Seized During Asset Seizure

(Nov. 7, 2017) On October 12, 2017, the Swedish Kronofogden (Enforcement Authority) announced that it had for the first time seized Bitcoin assets in the course of actions taken against a debtor and that it would auction them off during an online auction. (Press Release, Kronofogden, Nu kan du köpa bitcoin hos Kronofogden [Now You […]

China: Regulators Ban Companies from Raising Money Through Virtual Currencies

(Oct. 19, 2017) On September 4, 2017, seven government administrations in China – the People’s Bank of China, the Office of the Central Leading Group for Cyberspace Affairs, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China […]

Iceland: Central Bank Eases Currency Restrictions, Ends Financial Crisis Capital Controls

(May 16, 2017) On March 12, 2017, the Icelandic Central Bank announced that it had adopted new currency exchange rules and entered into agreements to purchase Icelandic krónur from foreign holders. (Central Bank of Iceland Concludes Agreement with Owners of Offshore Króna Assets, ICELANDIC CENTRAL BANK (Mar. 12, 2017); New Rules on Foreign Exchange, ICELANDIC CENTRAL […]

Japan: Bitcoin to Be Regulated

(Nov. 4, 2016) On June 3, 2016, an act that amended Japan’s Bank Act and other acts, including the Payment Services Act, was promulgated. (Act to Amend Parts of the Bank Act and Other Acts in Order to Correspond with Changes in the Environment Made by Information and Communications Technologies, Act No. 62 of 2016, […]

Belarus: Tax Law Changes Due to Redenomination

(June 23, 2016) Belarus adopted amendments to its Tax Code on June 13, 2016; the Law that enacted the changes, Law No. 372-Z, was published in the country’s official gazette, the Vedamasti Natsyianal’naha Skhodu Respublikie Belarus, on June 17. (Viktar Strachuk, Belarus: Amendments to Tax Code Due to Currency Redenomination – Law Gazetted, TAX NEWS […]

Sweden: Supreme Administrative Court Rules Trade in Bitcoins Not Subject to VAT

(Feb. 4, 2016) On February 2, 2016, the Swedish Supreme Administrative Court issued a ruling that trade in Bitcoins is not subject to value-added tax (VAT). (Högsta förvaltningsdomstolens dom [Supreme Administrative Court’s Judgment] (SAC Judgment), Nr. 7101-13 (Feb. 2, 2016).) The judgment was based on a case in which the Swedish Tax Authority had appealed […]

Switzerland: Referendum on Sovereign Money Will Go to a Vote

(Jan. 20, 2016) On December 24, 2015, the Swiss Government announced that a proposed referendum on sovereign money had achieved the required 100,000 number of signatures to be put to a vote. In a sovereign money system, all physical and electronic money is created by the central bank and the commercial banks act only as […]

Eritrea: Law on Issuance of New Currency Notes Enacted

(Nov. 10, 2015) On November 4, 2015, the Bank of Eritrea, the country’s central bank, issued the Legal Tender Nakfa Currency Notes Regulations to provide for the replacement of the currency notes currently in circulation (the old Nakfa) and to impose limitations on the amount of money individuals may hold in cash. (Legal Notice No. 124/2015 Legal Tender Nakfa […]