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Cryptoassets & Blockchain Legal News

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United States

A law proposed to collect taxes on and in cryptocurrencies

January 8, 2018 by Ashley MAO

A new law proposed by a state legislator in Vermont could allow for the collection of taxes on cryptocurrencies transactions – in cryptocurrencies

Introduced on January 3 by Senator Alison Clarkson, the bill outlines how certain companies could be classified as “digital currency limited liability companies” and be required to pay a 0.01 USD tax “in the form of its digital currency “each time that cryptocurrency is created, traded or transferred.

“This bill proposes to implement strategies relating to blockchain, cryptocurrency, and financial technology in order to: promote regulatory efficiency; enable business organizational and governance structures that may expand opportunities in financial technology and promote education and adoption of financial technology in the public and private sectors.” stated the bill in its opening.

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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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