IRS Advisory Committee Requests Clearer Guidance for Crypto Tax Code

On October 24, 2018, an advisory committee to the Internal Revenue Service (IRS) published a report calling for clarity on the IRS’s position toward cryptocurrency taxation. The Information Reporting Program Advisory Committee (IRPAC) recently released its annual report advising the IRS on possible areas to improve the tax code, specifically referring to data gathered throughout …

Bitcoin is Permitted by Law, Chinese Arbitration Court Says

The Shenzhen Court of International Arbitration recently issued a ruling saying there is no prohibition against Bitcoin ownership and transfer in China. The decision means that despite the ban on ICOs and virtual currency trading, Bitcoin and other cryptocurrencies are legally regarded as property in the country. ‘Bitcoin Protected By Law’ The court issued the …

Delaware Helps Catch British Hacker Holding Over $200k in Bitcoin

Recent news shows Delaware playing an important role in the capture of British hacker Grant West. U.K. Authorities caught West last year and recovered $700,000 worth of Bitcoin. The Catch According to a report by Delawareonline, undercover U.K. officials caught West last year while he was traveling by train. West was convicted of fraud, in addition …

Nasdaq Wins Patent for Blockchain-Based Newswire Service

The United States Patent and Trademark Office (USPTO) has granted Nasdaq a patent for a blockchain-powered newswire service. The platform aims to use smart contracts to incorporate encryption and workflow features as well as maintaining a log that becomes more difficult to change over time. Nasdaq Gets Patent for Blockchain Newswire to Solve Gaps in Audit …

Bank of Canada Estimates 5% of Canadians Own Bitcoin

Data from the Bank of Canada and the Ontario Securities Commission has revealed that bitcoin adoption and general crypto awareness in Canada is growing steadily, with the percentage of Canadian poll respondents who own bitcoin rising from 2.9 percent in 2016 to 5 percent in 2017. According to a recently released report by the Bank …

Our Top 5 Bitcoin “Good News” Stories of 2017

When the history of Bitcoin and blockchains is written, 2017 will be the year tagged as the “turning point” when Bitcoin and “red hot” blockchain technology went mainstream. The steadily rising bitcoin price and market cap is a key, though not the only, indicator that a tipping point has been reached. Despite turmoil like ICOs …