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Tag Archives: Cryptocurrency Legitimization

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The Real Reason Why J5 Is a Timely Collaboration

  by David Drake     Early last month, the United States tax agency, Internal Revenue Service (IRS) announced that it had formed a new taskforce to investigate international tax crimes and money laundering in the cryptocurrency industry. The global collaborative effort dubbed Joint Chiefs of Global Tax Enforcement (J5) involves tax agencies from five countries, namely the United States, Canada, the United Kingdom, the Netherlands and Australia. For some players in the cryptocurrency space, the J5 initiative is an attempt to address previous tax tracking gaps. Alex Karasulu, co-chief executive officer and founder of OptDyn says, “The J5 takes a directed multilateral approach in reaction to previously failed attempts to track transnational tax crimes. The Foreign Account Tax Compliance Act (FATCA) of 2010 was designed specifically to acquire the data needed to detect tax crimes committed by US citizens abroad by having them report overseas account information.” The Basis According to Karasulu, ... Read More »

With J5 Scrutiny, Are Crypto Startups Ready for Tax Liabilities?

  by David Drake   For the first time, representatives of the Joint Chiefs of Global Tax Enforcement, dubbed as J5, met in Montreal, Canada last month. The JF comprises of Australian Taxation Office (ATO), the Fiscal Information and Investigation Service (FIOD) of The Netherlands, the Canada Revenue Agency (CRA), Her Majesty’s Revenue and Customs (HMRC) of the United Kingdom and the Internal Revenue Service Criminal Investigation (IRS-CI) of the United States. They met to map out a plan on how to investigate international tax crimes and money laundering. They also wanted to contain the growing threat to tax administrations by cryptocurrencies. We asked two blockchain platform CEOs about their opinions regarding this recent development, Edward W. Mandel, CEO of BQT and Alex Karasulu, co-CEO and founder of OptDyn. BQT is a P2P exchange platform with innovative hedge trading features while OptDyn is the maker of Subutai, the first global ... Read More »

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