Cryptocurrency, or virtual currency, is now a significant player in the investment marketplace, and, as a result, many challenging legal and regulatory questions have been raised across the globe. While cryptocurrency and its utilized technologies could radically change business processes, its inherently decentralized nature could serve as a vehicle for sinister activity and a challenge to those charged with compliance with the law.
In Notice 2014-21, the IRS issued preliminary guidance on applying general tax principles to cryptocurrency, specifically, virtual currencies that have an equivalent value in real currency, or that act as a substitute for real currency. The IRS treats cryptocurrency as property. As a result, cryptocurrency can be characterized as investment property, business property, or personal property.
For taxpayers who have unreported income from cryptocurrencies, the civil penalties for failure to comply. For more information on IRS guidelines on Cryptocurrencies, for more Information
JD Coin is registered as a money services business under the Corporate Act with Secretary of State, Idaho along with EIN (Employer Identification Number) from Internal Revenue Service, Government of United States. We are one of the few crypto companies registered with the FinCEN (Financial Crimes Enforcement Network and United States Department of Treasury.
An anti-money laundering (AML) program is a set of procedures designed to guard against someone using the firm to facilitate money laundering or terrorist financing. Our AML program is developed in accordance with latest guidelines by FINRA and FinCEN, US Department of Treasury.
Our AML Program aims at protecting the integrity of the international financial system as well as making it more difficult and costly to profit from criminal activities.
The program protects the integrity of customers as well as the firm’s financial structure.
We have a specially trained AML Compliance Personnel to ensure the system is followed effectively and efficiently.
Our Customer Identification Program and Due Diligence procedures makes sure identities are verified of each customer before they are allowed to carry out transactions.
Periodic record keeping, monitoring of accounts with suspicious activity and reporting ensures safety and security of our customers and clients.
Regular training session ensures that the staff is updated on new policies and procedures and ability to deal with any adverse situation.