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Author Topic: [2017-12-31]New Website Provides Guide to US Cryptocurrency Law  (Read 35 times)
Diced90
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December 31, 2017, 11:49:54 PM
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Cryptocurrency law can be maddeningly vague. From taxation to commodities, the US constitution is characterized by ill-defined and occasionally contradictory statutes regarding digital currencies. Law reform moves at a glacial pace, leaving the status of cryptocurrencies often unlegislated. For cryptocurrency users trying to navigate murky legal waters, this ambiguity can be frustrating. A new website promises to add some much-needed clarity.

Bitcoinlawhub.com is a newly launched site that lives up to its name. It provides a repository where US citizens can access a wealth of resources pertaining to digital currencies. If you’ve ever wondered how anti-money laundering laws affect bitcoin ATMS, or how bitcoin fits into estate planning, you’ll find the answer here.

Read more https://news.bitcoin.com/new-website-provides-guide-to-us-cryptocurrency-law/




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December 31, 2017, 11:55:12 PM
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The site appears quite general and useful, but most of the infirmation really needed for cryptos is in tax law. Reporting bitcoin for taxes ensures the legality of your bitcoins for the most part unless you obtained them illegaly.

The IRS recently published a guide on how to report taxes on income and gains or losses related to cryptocurrencies, or as they call them, digital currencies. I highly recommend giving it a good read in order to understand how you should be reprting and itemizing for taxes and tax deductions. I do not know how to access the document directly since I accessed it through Coinbase, but for those who have a Coinbase account or have traded on GDAX before, I recommend taking a look at the resources they provide for it. I have also heard of bitcoin.tax being quite useful, albeit I have not used it myself.

I will update this post with a link if I can find one.

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