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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 […]

Netherlands: Central Bank Statement on Virtual Currencies

(June 4, 2014) On May 8, 2014, in an item entitled “Virtual Currencies Are Not a Viable Alternative,” published in its news bulletin, the Bank of the Netherlands (DNB) put forward its stance on the Bitcoin and similar currencies. According to the DNB, “virtual currencies such as bitcoin are unlikely to replace the current financial […]

Netherlands: Local Court Ruling on Bitcoin Transaction

(June 4, 2014) It was reported on May 19, 2014, that a court in Overijssel, The Netherlands, had issued a decision in a civil suit involving an uncompleted Bitcoin transaction between two parties. The court held, citing a written interpellation of the Minister of Finance by the Dutch parliament, that the virtual currency “is a […]

Cuba; Mexico: Relationship Re-Launched, Agreements Signed

(Nov. 8, 2013) The foreign secretaries of Mexico and Cuba announced the re-launch of relations between the two countries and the strengthening of trade, financial, and other cooperation agreements. The Secretary of Foreign Relations of Mexico, José Antonio Meade, said Mexico will maintain a high-level political dialogue with Cuba and foster a closer relationship in […]

China: SAFE Standardizes Individual Participation in Overseas Share-Based Incentive Plans

(Apr. 5, 2012) On March 16, 2012, the State Administration of Foreign Exchange (SAFE) publicized on its website a Notice on Issues Concerning Foreign Exchange Administration of [Domestic] Individuals' Participation in Share-Based Incentive Plans of Overseas Companies (Circular 7). (Guojia Waihui Zongju Guanyu Geren Canyu Jingwai Shangshi Gongsi Guquan Jili Jihua Waihui Guanli Youguan Wenti […]

Iceland: Amendment to Law on Foreign Exchange Controls Adopted

(Mar. 22, 2012) On March 13, 2012, Iceland's Parliament (Althingi) adopted Act No. 17/2012 Amending the Foreign Exchange Act, No. 87/1992. (Amendments of the Foreign Exchange Act, Central Bank of Iceland website (Mar. 15, 2012).) It was reported that the Parliament had quickly passed the Act after highly secret meetings convened after the markets closed […]

China: Foreign Exchange Regulations Revised

(Sept. 11, 2008) On August 5, 2008, the State Council of the People's Republic of China (PRC) published the revised Regulations on the Administration of Foreign Exchange, which took effect on the same day (Chinese text available on the PRC Central People's Government official website, (last visited Aug. 25, 2008)). The Regulations, first promulgated […]

South Korea: Foreign Remittance De-Regulation

(Dec. 2, 2007) The Korean Finance and Economy Ministry released the Foreign Currency System Improvement Plan on November 8, 2007. Korea currently allows a Korean person or firm to transfer abroad up to US$ 3 million per person or firm to buy real estate for investment purposes. This limit will be removed during 2008. The […]