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Title :  Compliance with the sanctions For transactions in Fiat And crypto currencies Are The Same: expert
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Date of publication :   2019-09-28
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Our experts, opinion-formers within and outside of the crypto industry to Express their views, their experiences and give professional advice. Experts cover everything from the Blockchain technology and the ICO financing, taxes, regulation and cryptocurrency adoption by the various sectors of the economy.

If you want a contribution from an expert, please send an e-mail with your ideas and your RESUME to george@cointelegraph.com.

Cryptocurrency and its underlying technology, the Blockchain has started, the interest of the General public of investors, including those you used to the circumvention of international sanctions.  hostile state and non-state actors were for the use and for the artist: the privacy of the parties” built in to the mix of services, or to private life, centered in the Blockchain models, for two reasons. First of all, you are always the preferred method for the laundering of the money in the world.  the Second, while the G20 countries have agreed recently, the application of the Financial Action task force (FATF)ür the anti-money laundering (AML) and counter-terrorist financing standards, there are currently no international standards for regulation of cryptocurrency exchanges, with many of them the risk of sanctions, the screening-and-money-laundering (AML) missing - programs.

For example, until the 19th century. March 2018, the individuals and the companies that have purchased and for the artist: the privacy of the room” Zcash in Venezuela, as optional, have not been tested in an intermediate step the conversion of the bolivar to the US dollar; or those who have purchased, Venezuelaös national cryptocurrency &the artist;Petro” with currencies, Turkish lira, Chinese yuan, Russian rouble, euro or Bitcoin, cryptocurrencies, Ethereum, and EOD -- &the artist;WE must have sanctions”.  This was the opposite of Ali Sadr Hashemi Nejad, who was arrested in the US for the fees that she needed the money, Tehran company, the laundering in Venezuela, the U. s. banks, and so he took on a plan for the circumvention of the sanctions of the usa and the money. To your thirty-four pages of the indictment, Hashemi Nejad was chaired by a Maltese Bank and wash them more than $force 115 million through multiple shell companies in Switzerland, Turkey and the British virgin Islands of the U.S. financial system, accompanied by a $476 million bilateral construction agreement to build the Iran, 7,000 residential units in Venezuela, the Venezuela state energy.

But on the 19th of March, 2018 it was a historic moment, not only for Hashemi Nejad, the prior 125 years in prison for US, the punishment of rape, but also for the illegal use of cryptocurrencies.  This is the date on which the President, Donald Trump prohibited U.S. citizens and companies for the purchase of the oil company of Venezuela-copy of cryptocurrency &the artist;Petro” on the basis of an executive order.

The Minister of Finance, Steven T. Mnuchin explained that the office values for the control of Foreign assets (and, for the artist, the OFAC”) would be the use of economic sanctions and re-cryptocurrency rules for the fight against the criminal use of crypto currencies:

“ the President of the tire’s plan is an attempt of circumvention of sanctions imposed by the Petro-currency, digital – a tactic condemned by Venezuela & rsquo;s democratically-elected in the national Assembly, and the Ministry of Finance has warned to avoid people.  As a result, the today & rsquo;s shares, all assets of the current or former officials of the government of Venezuela, are subject to the jurisdiction of the United States are frozen, and WE, the people, in General, forbids dealing with them.”  

L'OFACís Kryptogeld d ' Orientation

In the framework of the OFACür the new edition of cryptocurrency orientation that WE human beings have the same sanctions that the performance of obligations, regardless of whether the transactions with coins or cryptocurrencies.    violations of the sanctions cryptocurrencies, as a result of the application of measures similar to those against the people who use coins.include

The U.S. government is also considering the addition of digital currency addresses, or portfolio, of insured persons and bodies referred to in the list of specially designated nationals and persons Disabled in the list (and for the artist, SDNL”). What people would warn you that you are doing business with, digital addresses can be banned, to the improvement of the compliance aspects for the company ever deeper into the world of virtual currency.

All persons are required to block compliance with the OFAC, which were the property (including, contracts, and resources of any form) for sanctioned persons, and time, reports from the OFAC. If this fails, can result in severe civil and criminal penalties.

The USA impose New sanctions

Sanctioned Nations such as Iran as well as Venezuela, are also to look at the exhibition of national and multi-national cryptocurrencies. The last, the economic sanctions imposed by the OFAC, was last Friday, 6. april,  to &for the artists of the Russian government, the works, to the disproportionate benefit of the oligarchs and the government of the elites,” according to  the Secretary of the Treasury, Steven T. Mnuchin.

The sanctions were, shaken the population in the world and  the currency markets, so much so that you will have to pay, the oligarchs, the $16 billion dollar on Monday, only Black. The ruble fell to the lowest level against the dollar since the end of 2016, while the share in the sanctioned aluminium producer Rusal, controlled by billionaire Oleg Deripaska, is fallen, more than 50 percent on the stock exchange of Hong Kong.

"I have never seen a more volatile market, in this scope, in my career," said the 88-year-old investment veteran Jack Bogle, the President of the avant-garde in an interview with CNBC displayed. “ Well that & rsquo;s only 66-year-old, what you lot should do about him, but you're right: I've seen two 50-percent reduction, I have a 25-percent reduction in a single day, and I've never seen anything like this before."

In fact, the OFAC program was aggressively freeze the assets of countries, the embargo is subject to, prohibit the payment of funds to individuals and countries, for which, however, from the list, or the prohibition on the provision of services for the countries with sanctions imposed by the United States.  Some of the sanctions of the OFAC, are more restrictive than others, and apply to the entire country, while others are targeted to certain people or institutions within a country. The current sanctioned list is long and includes the ex-Yugoslavia, the countries, Belarus, Burma, Cuba, democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Ukraine, Russia, Venezuela, ​Yemen and Zimbabwe, organisations, TRANS-national Criminals and thousands of people.  

Without a doubt, the OFAC’s new cryptocurrency rules are a further step towards regulation of the cryptocurrency operations.  Slowly but surely, crypto you currencies under the existing US regulatory systems. With the government of the UNITED Statesös commitment explains, with the application of the measures, the economic sanctions and the rapid development of the natural cryptocurrency markets and in the technologies, the research from the OFAC’s latest guidelines can keep track of.  

With this in mind, the internal revenue Service (IRS). taxpayers with cryptocurrency gains from abroad cryptocurrency exchange for the compliance of Foreign Financial accounts (FBAR) reporting and the Foreign account tax Compliance Act (EXCLUDED) reporting requirements by the next deadline on 17 april 2018.

The opinions and interpretations in this article are those of the author and do not represent necessarily the views of Cointelegraph.com.


Jungle Ozelli, Esq., The CPA is an international tax lawyer and accountant who has written often on the taxation, legal issues and accounting, tax notes, Bloomberg BNA, other publications and the OECD.

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