Switzerland seeks study of state-backed “e-franc” cryptocurrency   Switzerland’s government has requested a report into the risks and opportunities of launching its own cryptocurrency, a so-called “e-franc” that would use technology similar to privately-launched coins like bitcoin but have backing of the state. The lower house of the Swiss parliament must now decide whether to...Read More

US: Lawyers request voluntary disclosure regime for cryptocurrency assets   American Bar Association has written to the US Internal Revenue Service, asking it clarify whether assets held as cryptocurrencies such as Bitcoin are subject to the Foreign Bank Account Reports (FBAR) and Form 8938 reporting rules. IRS Notice 2014-21 asserted that cryptocurrencies were ‘property’ rather...Read More

US: Corporate trustees can be company beneficial owners Law firms are issuing analysis of the customer due diligence rules now enforced on American banks by the US Treasury’s Financial Crimes Enforcement Network (FinCEN), mandating the identification and verification of beneficial owners of legal entity customers. One point is that the trustee of a trust that...Read More