Vietnam's Biggest BTC Exchange Domain Seized by Gov't

The Ministry of Information and Communications (MIC) has also decided to fine the company 40 million VND (approximately $1,758) 
08 May 2018   2823

The Vietnamese government confiscated the bitcoin.vn domain, which belonged to Bitcoin Vietnam Co., the oldest crypto-exchange, for 45 days. In addition, the Department of Radio, Television and Electronic Information under the Ministry of Information and Communications imposed a fine of 15 million VND (about $ 659) on Bitcoin Vietnam for conducting an illegal blog and another fine of 25 million VND (about $ 1,100) for an illegal organization social interaction, that provided users with ability to leave comments on the blog entries. This is reported by NewsBTC.

According to the law, which entered into force on January 1, 2018, the issue, distribution and use of virtual currencies in Vietnam are considered illegal. However, Bitcoin Vietnam continued to work, and now it faces criminal prosecution.

Under the provisions of Decree No. 96/2014/ND-CP dated 1b7 October 2014 on administrative handling of monetary and banking activities, issuance, distribution and usage of illegal payment instruments (including bitcoin and other virtual currencies) will be subject to administrative penalties. At the same time as from 01/01/2018, the acts of issuing, distributing and using illegal payment means as above shall be prosecuted for criminal liability under the Penal Code 2015 amended and supplemented in 2017.
 

Le Quang Tu Do

Vice Deputy, Ministry

Bitcoin Vietnam first reported that its main domain, bitcoin.vn, will be temporarily confiscated by the Vietnam Internet Information Center (VNNIC), on March 6.

VNNIC shall suspend operation of the domain name bitcoin.vn to be handled by the functional agencies according to the provisions of law. The suspension period is 45 days, from 15:00 on 05/03/2018.
 

Ministry of Information and Communications of Vietnam

Bitcoin Vietnam Co is given 10 days to bring its activities in line with the law, which it has already done. At the moment, the main domain of the cryptoexchange does not work, and it operates on the domain bitcoinvn. io.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   188

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.