Thought For The Week

Regulating Bitcoin: The Story Continues

There is an active and ongoing debate in many jurisdictions about the legal status of Bitcoin.

Depending on where you are in the world the debate varies. If you're in the US the conversation, to date, has very much centred around the licensing of Bitcoin companies (e.g. the Bitlicense in NY). If you're in Australia much of the debate has centred around taxation. Specifically, the applicability of Goods and Services Tax to bitcoin transactions.

Many pundits have noted the pivotal role that regulation will play in legitimising Bitcoin. However, the reality is much regulation has crawled along at the speed of....the law. While Bitcoin (as a currency and a protocol) has been moving at Moore's Law speed. In this regard, it's becoming clear that regulation won't be what impedes Bitcoin's growth - at this point, it's more likely to be apathy.

In this issue:

  • Bitcoin and triple entry accounting;
  • Bitlicense v2.0 - some further comments and thoughts;
  • Hong Kong staves off further bitcoin regulation - for now; and
  • The DPR trial takes another twist;

From cold storage, I've included Coinbase's comments on the Bitlicense and a New Yorker article about Satoshi from back in 2011.

Have a happy Easter!

--- Alan Tsen, @alantsen

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From Cold Storage