Category Archives: Blockchain Legal Updates

Russia’s Crypto Laws Remain Ambiguous Ahead of Second Bill

Russia’s Crypto Laws Remain Ambiguous Ahead of Second Bill By: Josh Lawler Contributors: Olga Gladkova and Dmitry Gladkov   Russian President Vladimir Putin signed a bill into law in late July that gives cryptocurrencies legal status, but prohibits them from being used as a payment method. It is the first major legislation for the digital…

Phantom Tax Consequences on Receipt of Digital Assets by Airdrop

On October 9th, 2019, the IRS released long awaited guidance on the taxation of cryptocurrency through Rev. Ruling 2019–24 and an associated FAQ, including their guidance on treatment of airdrops. The IRS takes the controversial position that the airdrop equates for taxation purposes to a dividend. As a corollary, an involuntary (and perhaps unknowing) recipient of an airdropped…