Op Ed: The IRS Is Checking Up on Crypto Businesses. Is Yours Ready for Its Title 31 Exam?

The Internal Revenue Service (IRS) is auditing companies who registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB) involved in the Bitcoin space — it’s called a Title 31 Exam. These exams were once typically reserved for Indian Casinos but they’re happening in the Bitcoin space now. I’ve seen a…

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NY Regulator Licenses Fidelity for Bitcoin Trading and Custody

Fidelity Investment’s digital currency arm has been licensed by the New York Department of Financial Services to operate a platform on which individuals and institutional investors can store, purchase, sell, and transfer bitcoin. The regulator also revealed that it has to date approved 23 charters or licenses for firms engaged in crypto activities. Also read:…

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Grayscale Files to Make Bitcoin Trust First to Be Regulated by SEC

Grayscale Investment has submitted a filing with the U.S. Securities and Exchange Commission (SEC) that could change the status of its popular bitcoin investment product. On November 19, 2019, the company filed a securities registration form with the SEC which, if approved, would see its popular Bitcoin Trust product become the first-ever digital currency investment product…

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Russia Prepares Law to Allow Cryptocurrency Confiscation

According to local reports, Russia’s Ministry of Internal Affairs and other law enforcement agencies are developing proposals to confiscate cryptocurrencies. These proposals could evolve into Russian laws as soon as 2021. “Russia plans to develop a legal mechanism for the seizure of virtual assets for their confiscation,” according to a translated report from RBC. “The relevant…

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