Bitcoin Is Now a Legal Form of Payment in New Zealand

In the August 2019 issue of New Zealand’s Tax Information Bulletin (published by the Inland Revenue Department), a new public ruling integrates “crypto-assets” as legal and taxable forms of payment. Correspondingly, New Zealand becomes one of the first nation states to create a proper framework for employees to receive cryptocurrency as part of their wages.…

Abu Dhabi Fund Invests in Crypto Exchange

Mubadala Investment Company, a sovereign wealth fund based out of Abu Dhabi, has made a foray into cryptocurrency by investing in the forthcoming exchange MidChains, according to the UAE English newspaper Gulf News. The investment is reportedly worth seven figures. Mubadala is the world’s 13th largest sovereign wealth fund by total assets. The investment in…

Congressman Reintroduces Cryptocurrency Tax Bill

Congressman Ted Budd has introduced a bill to the U.S. House of Representatives to reform the national tax code around cryptocurrency. According to the text of this bill, first filed on July 25, 2019, the goal is “to allow exclusion of gain or loss on like-kind exchanges of virtual currency.” While the proposed changes to…

Malaysian Authorities Bust Illegal Bitcoin Mining Operations

Authorities in Malaysia have raided several Bitcoin mining facilities after discovering that they were siphoning electricity for free, local media company Malay Mail reports. Tenaga Nasional Berhad (TNB), a major electricity and utility company in the country, reportedly lost around $760,736 (3.2 million Malaysian ringgit) in unpaid power fees to the miners. After the malpractice…