IRS Addresses Crypto Micropayments, Blockchain Shipping Platforms Expand, DOJ Ties North Korea Crypto Hacks to Chinese Traders, FBI Thwarts Plot Involving Bitcoin Bribe – Lexology

September 4, 2020 By admin

In This Issue:

• IRS Addresses Taxing Crypto Received in Microtasks, Swiss Enable Crypto Payments

• Blockchain Shipping Platforms TradeLens and ShipChain Expand Networks

• North Korean Crypto Hacks Laundered by Chinese; Crypto Compliance Tools Launch

• FBI Thwarts Plot Tied to Bitcoin Bribe, Ethereum Classic Suffers 51% Attack

IRS Addresses Taxing Crypto Received in Microtasks, Swiss Enable Crypto Payments

Late last week, the U.S. Internal Revenue Service (IRS) released a memorandum on the topic “Taxation of Virtual Currency Received in the Crowdsourcing Labor Market.” The memorandum discusses “the tax consequences for an individual who receives convertible virtual currency for performing microtasks through a crowdsourcing or similar platform.” According to the memorandum, examples of this type of activity include being paid in bitcoin or other convertible virtual currency in exchange for processing data, reviewing images, posting reviews for apps, reaching gaming milestones, completing quizzes or surveys, or registering accounts for online services. The memorandum concludes that in these circumstances, a taxpayer “has received consideration in exchange for performing a service, and the convertible virtual currency received is taxable as ordinary income.”

In Switzerland, the canton of Zug recently announced that beginning next February, citizens and companies based in Zug will be able to pay their taxes in bitcoin or ether, within certain limitations. In more news from Switzerland, a major Swiss health insurance provider has announced that it will begin allowing its customers to make payments in bitcoin and ether. Finally, according to reports, the first online sale has been made using a stablecoin pegged to the Swiss franc. The stablecoin, DCHF, is pegged 1:1 to the Swiss franc and is issued by a Swiss financial services firm. The DCHF was reportedly used to purchase a computing device from a major Swiss online