Sentences with phrase «acts as a virtual currency»

Experience Points (XP) act as a virtual currency that learners can earn on the Knowledge Arcade.

Last week, Amazon unveiled Amazon Coins, which acts as their virtual currency to buy in - app content and also buy new apps.

Not exact matches

«The Japan virtual currency act has likely had a major impact, as there has been a lot of buzz in Japanese media over the ruling over the last few months,» Aurélien Menant, founder and CEO of Gatecoin, told CNBC by email.

«From the date of release of this Notice, any so - called platform that provide trading and exchange services for coin offering shall not engage in exchange businesses between legal tender and token or «virtual currency»; or engage in proprietary trading activities or trading as an central counterparty of tokens or «virtual currencies»; or provide pricing services or act as information intermediary for tokens or «virtual currencies.»»

The Virtual Currency Act was passed with some of the same burdensome licensing requirements as that of the BitLicense: a $ 5,000 initial application fee followed by annual assessment fees, a lengthy list of application requirements, no reciprocal licensing clause, and broad definitions for virtual currency and virtual currency buVirtual Currency Act was passed with some of the same burdensome licensing requirements as that of the BitLicense: a $ 5,000 initial application fee followed by annual assessment fees, a lengthy list of application requirements, no reciprocal licensing clause, and broad definitions for virtual currency and virtual currency bCurrency Act was passed with some of the same burdensome licensing requirements as that of the BitLicense: a $ 5,000 initial application fee followed by annual assessment fees, a lengthy list of application requirements, no reciprocal licensing clause, and broad definitions for virtual currency and virtual currency buvirtual currency and virtual currency bcurrency and virtual currency buvirtual currency bcurrency business.

As set forth below, the Act improves upon the New York and North Carolina regulations by striking a balance that allows virtual currency businesses to innovate and grow, while also providing important consumer safeguards.

While the Money Transmitters Act does make significant strides in enacting a more business - friendly regulatory scheme, it still poses difficulties for virtual currency businesses in North Carolina as there are cumbersome and costly requirements with no reciprocity or provisional licensing opportunities.

The Act addresses many of the shortcomings in previous attempts to regulate virtual currency businesses, such as the rigid licensing requirements in New York and North Carolina.

Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuVirtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuvirtual currency.

James McDonald, the CFTC Director of Enforcement, stated, «As this case shows, the CFTC is actively policing the virtual currency markets and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act.

The act seeks to establish a foundation for virtual currency businesses by providing individual states with a common regulatory guide for issues such as licensing requirements; reciprocity; consumer protection; cybersecurity; anti-money laundering; and supervision of licensees.

Next month, the Virtual Currency Business Act is scheduled for discussion, covering areas such as ICOs, virtual currency exchanges, wallets and virtual currency services vVirtual Currency Business Act is scheduled for discussion, covering areas such as ICOs, virtual currency exchanges, wallets and virtual currency services Currency Business Act is scheduled for discussion, covering areas such as ICOs, virtual currency exchanges, wallets and virtual currency services vvirtual currency exchanges, wallets and virtual currency services currency exchanges, wallets and virtual currency services vvirtual currency services currency services vendors.

Interestingly enough, Steem is not a regular digital currency and acts as a gateway between Steemit, the platform, and Steem Dollar, the virtual token powering the blockchain.

Under the GST Tax Act of 1999, virtual currencies, such as bitcoin, were not recognized as money.

Bitcoin is understood to fall under the definition of virtual currency in the Act because it is electronically exchanged for traditional currency by exchange service operators and can be used by anyone accepting Bitcoin as payment.

Virtual currency transactions may therefore become more credible through the improvement of the market environment as a result of the Act.

Such individuals can also act as a living escrow account by holding a buyer's money until the virtual currency transaction has been completed.

To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»

«As this case shows, the CFTC is actively policing the virtual currency markets and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act,» CFTC Director of Enforcement James McDonald said of the case.

In some environments, it operates like «real» currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuVirtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuvirtual currency.

To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»

The IRS notes that any digital currency that has a value equivalent to real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual currency.

Both of these failed bills would have enacted a «Virtual Currency Act» which would «prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight.Virtual Currency Act» which would «prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business OversightCurrency Act» which would «prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight.virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversightcurrency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight.»

These amendments, which BitFlyer helped establish, have been referred to as the Virtual Currency Act and alongside additional tax reform have provided three main pieces of regulation in 2017:

Signed by then - Governor Terry McAuliffe on February 02, 2017, HB 1608, or the Uniform Fiduciary Access Act, created the Uniform Fiduciary Access to Digital Assets Act which allows fiduciaries to manage digital property such as computer files, web domains, and virtual currency.

Under the regulations, individuals who convert their virtual currencies into fiat currencies will be considered as reporting institutions and will be subjected to Malaysia's Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act of 2001.

So as to bring virtual currency exchanges in line with international anti-money laundering and counter-terrorism financing measures, Japanese lawmakers enacted the Amended Settlement Act.

Furthermore, the term «cryptocurrency,» according to stipulations, includes anything which is considered to be a «convertible virtual currency» having an equivalent in real currency or it acts as a substitute of the same.

Pierre Ciric, an expert in Article 78, explained why the department of financial services acted arbitrarily and inappropriately by using Bitcoin companies as «Guinea Pigs» when it promulgated its virtual currency regulation.

FINCEN goes on to broadly explain that these acts apply to any project involved in «convertible virtual currency» which «either has an equivalent in real currency or acts as a substitute for real currency» as laid out in a 2013 guidance from the Treasury Bureau.

James Macdonald, The CFTC's Director of Enforcement, stated: «As this case shows, the CFTC is actively policing the virtual currency markets and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act.

Consequently, the fair market value of virtual currency paid as wages is subject to federal income tax withholding, Federal Insurance Contributions Act (FICA) tax, and Federal Unemployment Tax Act (FUTA) tax and must be reported on Form W - 2, Wage and Tax Statement.

Virtual currency exchanges are now listed as «designated businesses» that have to comply with the Act on Prevention of Transfer of Criminal Proceeds» anti-money laundering provision, verification of new account identity provision, and reporting of suspicious reporting provision.

Namibia's Trade Command Act of 1966 acknowledges that «In addition to the bank not recognizing virtual currencies as legal tender in Namibia, it also does not recognize it to be a foreign currency that can be exchanged for local currency.

Issued last month, the FinCEN guidance requires intermediaries that handle virtual currency to register as money services businesses and to follow reporting and record - keeping regulations under the Bank Secrecy Act (BSA), including know - your - customer (KYC) and anti-money laundering (AML) requirements.

For instance, Japan's revised Payment Services Act, enforced in April 2017, defines cryptocurrencies or «virtual currencies» as a means of payment with proprietary value.

The registration of virtual currency exchanges was implemented as of April 1, 2017, in accordance to a revision to the Payment Services Act.

2A Virtual Currency Exchange is defined as an entity that conducts any of the following businesses (according to the Payment Services Act, Article 2, Section 7)

Plans for a Malta Digital Innovation Authority were revealed last month, and the country is in the process of formalizing a «Virtual Currency Act» that will pave the way for a first - of - its - kind auditing framework made specifically to regulate blockchain - driven investment operations such as token sales.

«The Japan virtual currency act has likely had a major impact, as there has been a lot of buzz in Japanese media over the ruling over the last few months,» Gatecoin CEO Aurélien Menant told CNBC.