Final guidance was Immediate Edge issued in 2017, establishing that the sale of cryptocurrencies is exempt from VAT. Jersey is a Crown Dependency of the United Kingdom and is a low-tax jurisdiction with a large financial sector. Convertible virtual currency, which includes crypto-currency, can be converted into a fiat currency, either directly, or through an exchange. For a currency to be convertible, there does not need to be set rate or an established benchmark, but that merely a market exists and the ownership rights can be transferred from one person to another, whether for consideration or not. The Icelandic Tax Authority has issued guidelines for filing income taxes for the tax year 2017, requiring that bitcoins be included under section 4.4, “Aðrar eignir áður ótaldar” .
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