Bitcoin News Mash-Up: airBaltic Accepting Bitcoin; FSC Clarifies Cryptocurrency Regulation; and More

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Bitcoin News Mash-Up

Following are the major Bitcoin events that took place between July 21st and 22nd

airBaltic Starts Accepting Bitcoins
Latvian national airline service airBaltic has now started accepting Bitcoins for its services. The company has lately received a notable number of requests to integrate Bitcoin from its customers, following which their management has taken this decision. Customers however were not happy about the airline’s decision to charge a hefty transaction fees for using Bitcoin as a payment mode.

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Isle of Man Elaborates Cryptocurrency Regulations to Businesses
Isle of Man’s Financial Supervisory Commission (FSC) recently elaborated the application of existing cryptocurrency regulations to Bitcoin businesses. The FSC statement reads:

“In order to ensure that the Island’s international reputation is maintained, it has been decided that certain activities relating to virtual currencies should be brought within the Anti-Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) framework. As a result, certain amendments are currently being planned to Schedule 4 to the Proceeds of Crime Act 2008 which would apply the Island’s AML/CFT legislation to those involved in the virtual currencies market.”

Sweden Pleads Tax Legislation for Bitcoin
In one of the recent reports published on TaxNews.COM, it is revealed that the Supreme Administrative Court of Sweden, on June 2nd, had asked the European Court of Justice to consider taxing Bitcoins, especially in cases when it is being used to exchange with fiat currencies. Amusingly, the European regulators always have mismatched views on regulating Bitcoins.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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