As noted in our prior post featuring an article published in Bloomberg Tax authored by David Zaslowsky and Christopher Murrer, the Digital Asset provisions of the U.S. Infrastructure Bill were subject to harsh criticism by many in the cryptocurrency industry and certain U.S. Congresspersons. Nonetheless, these provisions remained unchanged when the U.S. Infrastructure Bill was signed into law by President Biden on November 15. The cryptocurrency industry continues efforts to convince Congress that changes or…
Crypto advocates have worried for months about U.S. President Biden’s USD 1.2 trillion infrastructure bill, which includes tax and reporting requirements for transactions involving “digital assets” like cryptocurrencies and non-fungible tokens (NFTs). The U.S. Congress passed the infrastructure package on November 5,2021. Baker McKenzie Switzerland’s Chris Murrer along with other prominent crypto lawyers and professors address the digital asset provisions such as the criminal components and questions about the constitutionality of the new requirements. Find…
On October 28, the Financial Action Task Force (FATF) released a final version of the updates to its 2019 Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers (VASPs), which bear on anti-money laundering (AML), information gathering, reporting and other obligations. See our earlier post here. These updates, originally scheduled for release in June 2021, were postponed to allow additional time to consider and incorporate feedback from the virtual asset industry…