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.
Also read: Trump’s New Tax Bill Means Changes Ahead for U.S. Bitcoiners
A Hub of Legal Information
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. The site doesn’t purport to offer ironclad legal advice, and its information should be taken as guidance rather than gospel. As an introduction to US law and how it affects you as a cryptocurrency user, however, it’s just the ticket.
The site is the work of husband and wife team Dave and Susan Berson. She’s a tax attorney and he’s a technology enthusiast who spent more than two decades as a business and banking attorney. The couple are no strangers to bitcoin; in 2013 Susan Berson authored the first article on the digital currency to be published in the American Bar Association Journal Magazine. She also participated in working on the American Bar Association’s subcommittee on Virtual Currency for its official tax comments on the IRS’s guidance about the taxation of virtual currencies.
Dave Berson told news.Bitcoin.com:
I thought that creating this website would be a way to clear up some of the confusion about the complex cryptocurrency laws. I want to try to make it easier for people to understand these laws, particularly those with startup companies and small businesses in cryptocurrency.
No Substitute for a Crypto Lawyer
Bitcoinlawhub.com can’t replace the advice of a specialist attorney, so crypto startups hoping to save a few bucks on legal fees will be out of luck. It’s a great place to start though for anyone contemplating a crypto-based venture in the US. With the SEC cracking down on security tokens masquerading as utilities, and Localbitcoins.com sellers being prosecuted for operating without a money transmitting license, the law can seem bewildering at the best of times.
Throw in the latest US tax law amendments, which affect bitcoin holders, and there’s never been a better time to gen up on cryptocurrency law. Subsections on the site include Bankruptcy, Commodities, Estate Planning, Securities, and Tax. Whatever your stance on taxation, big government, and disclosure of digital assets, it’s prudent to be clued up on what the law has to say. Such knowledge could save your business one day – and your bitcoin too. There are certainly more fun websites than Bitcoinlawhub.com. For sheer usefulness, however, this repository of legal advice is one to bookmark.
How familiar are you with your country’s laws on cryptocurrency? Let us know in the comments section below.
Images courtesy of Shutterstock, and Bitcoinlawhub.com.
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