From: International Business Times
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2015 was the year in which we finally saw financial regulators around the world sink their teeth into the dealings of digital currency and blockchain. Major developments include state-based initiatives such as the BitLicense in New York, New Jersey’s Digital Currency Jobs Creation Act, the European Court of Justice’s VAT ruling declaring Bitcoin conversions to be tax-free, and the SEC announcing that certain mining contracts can be categorised as securities. Most of these efforts focused on setting jurisdictional boundaries and ensuring the technologies could not be misappropriated for illicit purposes.
This trend for increased regulatory engagement is set to continue throughout 2016 as we begin to see the impact of these initial measures, and additional jurisdictions and overseers enter the fray. As the sector matures, it will be interesting to see how governments treat blockchain solutions, such as R3CEV, Chain and Digital Asset Holdings, aimed at bringing our trading and settlement industries into the 21st century.
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