Sentences with phrase «as a convertible virtual»
There are two other types of tokens; one that is used as an investment, for example, those offered during Initial Coin Offerings (ICOs) and those that are used as convertible virtual currencies e.g. Bitcoin.
https://crypto-lines.com/ Not exact matches
The Internal Revenue Service has ruled that bitcoin and other «convertible virtual currencies» are «treated as property,» not treated as currency.
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.
Most of the analysis looks at Convertible Virtual Currency (most significantly Bitcoin) and «Administrators and exchangers of convertible virtual currency as money transmittConvertible Virtual Currency (most significantly Bitcoin) and «Administrators and exchangers of convertible virtual currency as money transmitters.Virtual Currency (most significantly Bitcoin) and «Administrators and exchangers of convertible virtual currency as money transmittconvertible virtual currency as money transmitters.virtual currency as money transmitters.»
However, it held that American entities who generate «virtual currency» such as bitcoins are money transmitters or MSBs if they sell their generated currency for national currency:»... a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.»
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: «In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for 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.»
Congress should treat virtual currency as an alternative to government - issued currency, giving consumers choice, and expressly exempt convertible virtual currency transactions from investment and capital gains treatment and associated reporting requirements.
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.»
In 2014, the IRS determined that it would treat «convertible virtual currency,» such as bitcoin, as property.
In addition, a person is an exchanger and a money transmitter if the person accepts such de — centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter.
«A person is an exchanger and a money transmitter if the person accepts convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for 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.
that any «seller and / or retailer of taxable goods or services that accept convertible virtual currency as payment must determine the fair market value of the currency in U.S. dollars as of the date of payment and charge the purchaser Sales Tax on the underlying transaction.»
For example, one advisory point states «an administrator or exchanger that accepts and transmits a convertible virtual currency or buys or sells convertible virtual currency for any reason is a money transmitter under federal regulations and therefore should be registered as a money services business.»
Rather, they added «convertible virtual currency» to existing «money transmitter» statutes, including bitcoin exchange as a form of currency trading.
It advised advises that any «seller and / or retailer of taxable goods or services that accept convertible virtual currency as payment must determine the fair market value of the currency in U.S. dollars as of the date of payment and charge the purchaser Sales Tax on the underlying transaction.»
Digital currencies are defined in the document as «convertible virtual currencies, including crypto - currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity.»
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.
Two and a half weeks ago, the Department of Justice (DOJ) filed paperwork in federal court (California Northern District Court, Case No. 3:16 - cv -06658-JSC) requesting John Does, United States persons who, at any time during the period January 1, 2013, through December 31, 2015, conducted transactions in a convertible virtual currency as defined in IRS Notice 2014 - 21.
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.