The Travel Rule and How It Affects Cryptocurrencies

What is the Travel Rule?
The Travel Rule is often found in combination with AML5 and Know Your Customer topics. What exactly this set of laws entails for the use of Bitcoin and co. can be found in our handy visualization below.

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The Taxation of Cryptocurrencies
Any profit or loss made through the use of any kind of cryptocurrency is subject to taxation in the respective country. As the rules and regulation differ enormously depending on the country, we highly advise you take a look at our blog series “countries and their crypto-laws” to find out more about proper legal treatment and taxation in your country.
A useful solution to stay compliant with rules and regulations is the Blockpit software, which helps you figure out your tax report automatically.
For further information you can reach out to us via our social media channels or contact our support at support@blockpit.io.

Sources
https://www.forbes.com/sites/yayafanusie/2019/10/30/the-travel-rule-is-not-enough-if-crypto-gets-adopted/
https://cointelegraph.com/news/fatf-aml-regulation-can-the-crypto-industry-adapt-to-the-travel-rule
https://www.fintechfutures.com/2019/11/us-government-plans-strict-enforcement-of-aml-travel-rule-for-crypto-firms/

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Disclaimer: The information provided in this blog post is for general information purposes only. The information was completed to the best of our knowledge and does not claim either correctness or accuracy. For detailed information on crypto regulations, we recommend contacting a certified legal advisor in the respective country. If any questions occur, feel free to contact us on our social media channels.

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