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Indonesia: Circulars Issued on Bank Accounts for Foreigners, Other Financial Services

(Sept. 18, 2015) Indonesia’s Financial Services Authority has recently issued a number of regulations and circulars, including a Regulation on Framework Provisions on the National Economic Stimulus for Banks (Regulation No. 11/POJK.03/2015) and a Regulation on Framework Provisions of the National Economic Stimulus for Islamic Banks and Sharia Businesses (Regulation No. 12/POJK.03/2015, in addition to […]

Italy: Updated Legislation on Credit Entities and on Strengthening of Bank of Italy

(July 17, 2015) On June 27, 2015, new legislation on the supervision of credit entities and on the strengthening of the country’s central bank, Decree-Law No. 72, entered into effect in Italy. (Decree-Law No. 72 of May 12, 2015, Implementation of EU Directive 2013/36, That Amends Directive 2002/87/CE and Repeals Directives 2006/48/CE and 2006/49/CE, Concerning […]

Italy: Measures to Foster Banking System and Promote Investment

(Feb. 10, 2015) Italy’s cabinet has approved new measures, contained in Legislative Decree No. 3 (D.L. No. 3), aimed at bolstering the national economy, in particular the banking and investment sectors. (Legislative Decree No. 3 of January 24, 2015, Urgent Measures for the Banking System and Investment, GAZETTA UFFICIALE (G. U.) No. 29, NORMATTIVA (in […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]