Cryptocurrencies mean business, but they come stocked with a unique trove of legal and regulatory challenges. While India, Israel, South Africa, Brazil and other countries warn folks who are not necessarily fintech fanatics about risks associated with virtual currencies, lawyers scramble to advise international clients on a range of emerging legal and tax issues and regimes related to bitcoin and the blockchain.
How are virtual currency sales taxed in different countries? Are financial institutions and third-party payment providers banned from using virtual currencies in China? Are virtual currency businesses subject to anti-money-laundering regulations in Singapore? Is bitcoin a form of “private money” that can be taxed as capital in Germany? It’s crypto-complicated.
