Bitcoin will be treated like property, not currency, the IRS declared in a Notice (http://www.irs.gov/pub/irs-drop/n-14-21.pdf) issued this week to address the tax implications of mining, spending or receiving virtual currencies. The need to track fair market value and basis adjustments to compute gains and losses for tax purposes introduces record-keeping realities to a […]
Over 20% of the almost 200,000 entities that have been assigned an LEI are registered in one of the world’s top 10 tax havens. (Forbes, July 6, 2010)
Goldman Sachs and JP Morgan have been strong LEI proponents; it’s no surprise that they have the largest number of their entities registered for LEIs.
The past few years there has been no limit to the number of bullish projections for M&A activity for the coming year. Most of these forecasts cited low interest rates and the tremendous amount of cash on corporate balance sheets as reasons for an improved M&A climate. As can be seen from the mergermarket […]
The LEI Regulatory Oversight Committee (http://www.leiroc.org/) has, as of November 18, more than 50 members representing over 30 countries. Most of the committee members represent the central bank or another regulatory body in their respective jurisdictions. What continues to surprise and confuse market participants, though, is that to date only two regulatory bodies […]
As Bitcoin gains recognition as a legitimate currency in the world of digital transactions, FinCEN (Financial Crimes Enforcement Network) has issued guidance on the regulations that apply to administrators and exchangers of virtual currencies that will test AML and KYC programs.
Swings in the market value of Bitcoins – tied to limited circulation […]
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We responded to a number of calls following our post last week highlighting the challenges faced by the CICI Utility with regard to self-registration. One call came from a senior executive of the DTCC, who carefully explained that many of the data issues we highlighted were the result of business rules being applied to […]