A number of recent developments in Ukraine have demonstrated the country’s focus on promoting a blockchain friendly ecosystem. At a government level, the recently established Ministry of Digital Transformation (MDT) (available in Ukrainian only) is actively promoting a friendly regulatory environment for blockchain/cryptocurrency projects in Ukraine, in both the public and private sectors. To further this aim, the MDT has kicked off various initiatives in order to promote blockchain, including recently hosting a meeting (available…
The U.S. Internal Revenue Service (“IRS”) released Revenue Ruling 2019-24 on October 9, 2019 providing guidance on the U.S. income tax treatment of hard forks and airdrops of cryptocurrency. Revenue Rulings are an official interpretation of the U.S. tax laws by the IRS and intended to guide taxpayers in addressing their income reporting and tax obligations. This Revenue Ruling supplements the first and only cryptocurrency-related guidance issued by the IRS in 2014. The IRS described…
On October 11, 2019 the U.S. Securities and Exchange Commission announced that it has filed an emergency action and obtained temporary restraining order against two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion of investor funds. According to the SEC’s complaint, Telegram Group Inc. and its wholly-owned subsidiary TON Issuer Inc. began raising capital in January 2018 to finance the companies’…
Last December, the Commodity Futures Trading Commission (CFTC) issued a public call for feedback to “better inform the Commission’s understanding” of the Ethereum network and the cryptocurrency ether. The CFTC said input would better inform the agency in the event that market participants submit proposals to list new cryptocurrency-based futures or derivatives products. The CFTC has already recognized the trading of Bitcoin-based derivatives. Speaking at the Yahoo! Finance All Markets Summit on Thursday October 10, and as reported by…