Iceland to Impose Bitcoin Mining Tax

An Icelandic lawmaker, Smari McCarthy suggested imposing a new tax on bitcoin mining companies  
12 February 2018   140

The lawmaker Smari McCarthy of Iceland's Pirate Party suggested taxing the profits of bitcoin mines. This suggestion is likely to be well received by Icelanders because most residents are skeptical of financial ventures after the countries 208 banking crash.

This year the country is expected to use more electricity for mining than it uses to power its homes. McCarthy believes that it is unfair that mining companies are not paying taxes to the government.

Due to an access to cheap cooling and cheap energy Iceland has long played home to an ecosystem of bitcoin miners. Arctic air helps to keep mining hardware without added electricity costs.

Considering that the Pirate Party currently holds only 6 seats out of 63 in Iceland's parliament, it is unlikely to succeed in pursuing a bitcoin mining tax on its own. However, the lawmakers from other parties can support this idea if demand for the nation's cheap electricity continues to increase.

BTC Seller Arrested by US Federal Authorities

Morgan Rockcoons is accused of laundering monetary instruments and the operation of an unlicensed money transmitting business
21 February 2018   53

A US resident was arrested by the Bureau for the Control and Enforcement of Immigration and Customs Law on February 9 after he sold the bitcoins to the agent under cover. This is reported by Bitcoin.com.

According to documents in the case filed by the Southern District Court of California, Morgan Rockcoons (also Morgan Rockwell) is accused of laundering money and servicing cash transfer operations without a license. The government intends to confiscate all assets belonging to it, relevant to the case.

Arrest Document
Arrest Document

In the episode of money laundering, the defendant is accused of deliberately transferring a financial transaction to a representative of law enforcement agencies in order to obtain income from certain unlawful activities. In 2016, Rockoons traded 9,998 BTC, at that time valued at $ 9,208, for $ 14,500 in fiat, which was handed to him by an undercover agent, saying that the money was received from the production and sale of TGC oil (tetrahydrocannabinol-containing oil). TGC is the main active ingredient of cannabis.

As for the charge for servicing money transfer operations without a license, it is less specific, since it is subject to the majority of US citizens who sell large amounts of crypto currency, without the appropriate license. In one of the previous cases of this kind, law enforcement authorities stated that any transaction over $ 3,000 must be made in accordance with all requirements for customer identification.