NY Tax Considerations For Fund Managers Handling Crypto
This article addresses potential New York City unincorporated business tax and New York state personal income tax considerations, namely, whether transactions in cryptocurrency should be considered eligible for the taxes' respective self-trading exemptions. It also addresses whether cryptocurrency should be subject to sales and use tax at the state and city level.
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On 5 August 2021, HM Treasury's Office of Financial Sanctions Implementation (OFSI) announced the imposition of a £50,000 civil monetary penalty against TransferGo Limited (TransferGo), a FinTech company, for multiple breaches of EU sanctions relating to Ukraine that were in force in the UK prior to Brexit.
OFSI takes aim at FinTech company in its latest enforcement action
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UK Government launches consultation to reform the UK’s data protection regime and diverge from EU rules
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It is stating the obvious to note that virtual currency or cryptocurrency (Crypto) has become more mainstream in 2021. As major financial institutions have begun working with Crypto, it has become a more accessible asset class, and New York State (NYS) and City (NYC) tax questions have begun to arise for traders and fund managers in NY.
Cryptocurrency and Non-Fungible Tokens: NY Tax Considerations for Fund Managers
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Financial Services Regulatory & Enforcement partner David L. Beam (Washington DC); Technology Transactions partners Rohith P. George (Northern California) and Joe Pennell (Chicago); as well as Technology Transactions senior associate Julian M. Dibbell (Chicago) were quoted in this article.
Money Lego: Banking-as-a-Service partnerships and the contractual challenges for banks
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HKMA Deputy Chief Executive Arthur Yuen's Article on New Personal Credit Products by Virtual Banks (12 July 2021)
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On June 10, 2021, the Basel Committee on Banking Supervision (“Basel Committee”) took another step on the road toward the establishment of a global standard for the prudential regulation of cryptoassets by issuing a public consultation titled Prudential Treatment of Cryptoasset Exposures.
Basel Committee Seeks Public Comments on Prudential Framework for Cryptoassets
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On 10 September 2021, the UK Government's Department for Digital, Culture, Media and Sport (DCMS) launched a consultation outlining its proposals to extensively reform the UK's data protection and privacy regime, following its departure from the European Union ("EU").
In his article published on the "inSight" section of the Hong Kong Monetary Authority (HKMA) website, HKMA Deputy Chief Executive, Mr. Arthur Yuen, reiterates the authority's stance in encouraging the development of virtual banks to promote innovation in fintech, enhancing user experience and fostering financial inclusion...
On 5 August 2021, HM Treasury's Office of Financial Sanctions Implementation (OFSI) announced the imposition of a £50,000 civil monetary penalty against TransferGo Limited (TransferGo), a FinTech company, for multiple breaches of EU sanctions relating to Ukraine that were in force in the UK prior to Brexit.
On 10 September 2021, the UK Government's Department for Digital, Culture, Media and Sport (DCMS) launched a consultation outlining its proposals to extensively reform the UK's data protection and privacy regime, following its departure from the European Union ("EU").
In his article published on the "inSight" section of the Hong Kong Monetary Authority (HKMA) website, HKMA Deputy Chief Executive, Mr. Arthur Yuen, reiterates the authority's stance in encouraging the development of virtual banks to promote innovation...