Virtual Currencies: Regulatory and Tax Compliance Issues

Kevin Lyndell (Editor)

Series: Government Procedures and Operations
BISAC: BUS045000

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Virtual currencies are financial innovations that pose emerging challenges to federal financial regulatory and law enforcement agencies in carrying out their responsibilities. Some virtual currencies can be used to buy real goods and services and exchanged for dollars or other currencies. One example of these is bitcoin, which was developed in 2009. Bitcoin and similar virtual currency systems operate over the Internet and use computer protocols and encryption to conduct and verify transactions. While these virtual currency systems offer some benefits, they also pose risks.

This book discusses federal financial regulatory and law enforcement agency responsibilities related to the use of virtual currencies and associated challenges; actions and collaborative efforts the agencies have undertaken regarding virtual currencies; describes the tax reporting requirements for virtual economies and currencies; identifies the potential tax compliance risks of virtual economies and currencies; and assesses how IRS has addressed the tax compliance risks of virtual economies and currencies.
(Imprint: Nova)

Preface

Chapter 1 - Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges (pp. 1-52)
United States Government Accountability Office

Chapter 2 - Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks (pp. 53-72)
United States Government Accountability Office

Chapter 3 - Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies (pp. 73-80)
Financial Crimes Enforcement Network

Chapter 4 - Application of FinCEN’s Regulations to Virtual Currency Mining Operations (pp. 81-86)
Financial Crimes Enforcement Network

Chapter 5 - Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity (pp. 87-92)
Financial Crimes Enforcement Network

Chapter 6 - Application of Money Services Business Regulations to the Rental of Computer Systems for Mining Virtual Currency (pp. 93-96)
Financial Crimes Enforcement Network

Chapter 7 - Bitcoin: Questions, Answers, and Analysis of Legal Issues (pp. 97-120)
Craig K. Elwell, M. Maureen Murphy and Michael V. Seitzinger

Index

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