Digital assets content hub
Digital assets: Explained
STEP has produced a series of short video clips that explain some of the key terminology relating to digital assets. We produced these clips in response to the findings of STEP’s digital assets research report – Digital assets: A call to action.
Here is the final part of the series: What is proof of stake?
Peru: Virtual asset service providers brought into money laundering regime
The Peruvian government has gazetted Supreme Decree No.006-2023-JUS requiring virtual asset service providers to report to the national Financial Intelligence Unit in matters of money laundering prevention. This is the country's first virtual asset regulatory instrument and further, more specific rules are expected soon.
US: Court confirms IRS order demanding crypto-sellers' identities
A Californian federal court has approved the US Internal Revenue Service's (IRS’) service of a so-called ‘John Doe’ summons to cryptocurrency platform Kraken, compelling it to identify individuals who may be avoiding income tax on cryptocurrency transactions. The summons was originally served in 2021. It was based on the IRS' claim that the number of taxpayers reporting cryptocurrency profits falls far short of what would be expected given the number of users, transactions and value that the virtual currency exchanges themselves publicise. Separately, the US senate has launched a public consultation on the appropriate treatment of digital assets under US federal income tax law. It notes that further legislation may be required to remove uncertainty and provide adequate guidance to the industry and the public.
Source: BakerHostetler, Baker McKenzie ,US congress (PDF) , Withersworldwide
STEP Journal: Back to basics series
Part 4 of the series explains smart contract that can be used for contract execution and storage of data on the blockchain.
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Follow the Journal series with others to follow
See Part three, Part two and Part one
Support our campaign
STEP is working to build awareness of some of the actions clients can take now to plan for what will happen to their sentimental digital assets when they are no longer here through its 'Protect your digital memories for future generations' campaign.
Digital Legacy Scorecard
STEP has launched its Digital Legacy Scorecard: a system for rating cloud service providers on their legacy provisions – that is, what happens to their users’ accounts in the event of their death or incapacity.
Join the SIG
Our Digital Assets Special Interest Group provides an international forum of debate, education and support related to planning for and administering digital assets, also driving the need for, and harmonisation of, legislation in relevant areas.
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