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

Federal Council briefed on work to strengthen Swiss financial centre’s framework conditions Bern, 09.05.2018 – Switzerland is facing increasingly intense international competition as a business location and financial centre. Care has to be taken of the country’s good framework conditions and the financial centre’s tax and regulatory environment must be reviewed on an ongoing basis. The Federal Council...Read More

OFAC Releases Guidance on Cryptocurrency The U.S. government has recently been active with respect to regulating cryptocurrencies. For its part, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) recently released guidance—issued in the form of Frequently Asked Questions (FAQs)—explaining that transactions involving cryptocurrencies, also known as virtual or digital currencies, will be treated...Read More

Irish Government Releases Paper on Virtual Currencies and Blockchain Technology The Irish Department of Finance recently published a discussion paper (the Paper) on virtual currencies and blockchain technology. The Paper highlights the key concerns and policy issues generated by these issues and proposes the establishment of a Working Group within the Department of Finance to...Read More