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United States

A definition for Cryptocurrency ‘Delivery’ proposed by US Commodities Regulator

December 15, 2017 by Ashley MAO

A definition of cryptocurrency ‘delivery’ from buyer to the seller has been proposed in a document published by the U.S. Commodity Futures Trading Commission (CFTC), an agency which announced its intent to regulate bitcoin as a commodity more than two years ago.

The document defines delivery as having taken place when the buyer has the ability to take possession and control of the cryptocurrency and use it freely in commerce, within 28 days of the transaction and, at the same time, the seller does not retain any interest or control over the sold items.

Once the interpretation is published in the Federal Registry, the public will have 90 days to comment on it before it becomes final.

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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