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IRS Official Confirms that Pre-2018 Exchanges of One Cryptocurrency for Another May Be Eligible for Like-Kind Exchange, Income Tax Deferral Treatment

Historically, U.S. tax law has allowed a taxpayer to exchange one investment property for another and defer the income tax consequences of that exchange so long as both the relinquished

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Cryptocurrency, IRS, Tax, US

The IRS Issues Income Tax Guidance Dealing with Cryptocurrency Hard Forks and Airdrop

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

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Airdrop, Hard Fork, IRS, Tax, US

Swiss Bankers Association Publishes Updated Guidelines on Opening Banks Accounts for Companies with a Nexus to Distributed Ledger Technology

On August 20, 2019, the Swiss Banking Association (“SBA”) released guidelines for member banks (in German with Italian, French and English versions to follow) about opening company accounts for companies

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AML, Banking, Cryptocurrency, KYC, Switzerland

FATF is Anticipated to Issue Global Standards for Regulating Certain Cryptocurrency-Based Services in June 2019

During a speech at Consenus 2019, Sigal Mandelker, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, reiterated the projection that the Financial Action Task Force (“FATF”) will adopt

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AML, Banking, Cryptocurrency, FATF

Switzerland’s Third Largest Bank Plans to Introduce Crypto-Related Services

The trend of established banks partnering with technology companies to offer digital asset-related services continues in Switzerland.  Around the end

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Banking, Cryptoassets, Regulation, Switzerland

Swiss Financial Market Supervisory Authority Grants Its First Authorization to a Crypto Company

Crypto Fund AG, a subsidiary of Swiss-based Crypto Finance AG, received authorization from the Swiss Financial Markets Supervisory Authority (FINMA)

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Banking, FINMA, Switzerland

Swiss Blockchain-based Businesses Must Consider AML and Licensing Requirements

During 2017, the issue that probably got the most attention for companies raising capital through initial coin offerings (ICOs) was

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AML, Banking, FINMA, ICO, Switzerland

Swiss Bankers Association Publishes Guidelines Intended to Maintain Switzerland’s Blockchain Friendly Status

Switzerland often ranks among the most friendly and accommodating countries for blockchain-based companies to conduct their initial coin or token

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AML, Banking, ICO, Switzerland

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