Cryptocurrency Regulations and Laws

View a timeline of cryptocurrency regulation and laws

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DigiCash Inc. was founded in 1989 by David Chaum. DigiCash Transactions were unique and anonymous due to cryptographic protocols developed by its founder.

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B-Money Bit Gold
Bit Gold is Proposed

Bit Gold, a decentralized virtual currency, is proposed by blockchain pioneer Nick Szabo in 1998. Although it was not created, it is considered the direct precursor to Bitcoin protocol.

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2007 - 2008
Global Financial Crisis
2008 Financial Crisis
2008 Financial Crisis

The most serious financial crisis since the Great Depression has global impact, causing a worldwide economic crisis 

1 BTC = $0.0007
Bitcoin is Introduced at $0.0007
Bitcoin is Introduced at $0.0007

Bitcoin was invented by Satoshi Nakamoto (an unknown person or group) and is introduced to the public through open-source software. It was defined as bitcoin in a white paper published in October 31, 2008, and is valued at $0.0007 in 2009.

photo credit: Investopedia

2 Pizzas Cost 10,000 BTC
2 Pizzas Cost 10,000 BTC ($25)

A guy buys two pizzas and pays 10,000 BTC, equivalent to $25 ($100 million in today's value)

1 BTC = $0.01 US Dollars
1 BTC = $0.01 USD

1 BTC reaches the value of 1 US penny

1 BTC = $100 US Dollars
1 BTC =$100 USD

In just one year, the value of 1 Bitcoin increases from one penny to $100 USD.

The IRS Issues Notice 2014-21, Regulating Cryptocurrency
The IRS Issues Notice 2014-21

The IRS Issues Notice 2014-21, introducing accounting and tax compliance for cryptocurrency in the United States.

AICPA Issues a Comment Letter
The AICPA Issues a Comment Letter

In 2018, the American Institute of CPAs (AICPA) issues a tax advocacy comment letter addressing the taxation of the digitalized economy.

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10,000 IRS Tax Notices
The IRS Sends 10,000 Tax Notices

In 2019, the IRS sends 10,000 tax notices regarding cryptocurrency.

Akif CPA Forms Team of Crypto Experts
Akif CPA forms Crypto Team

After working with crypto clients and implementing IRS tax regulations and process, Akif CPA officially forms a Cryptocurrency Accounting and Tax team, led by Saim Akif.

The IRS Issues Revised Rule 2019-24 and New FAQs
The IRS Issues Revised Rule 2019-24 and New FAQs

The IRS issues a revision of Rule 2019-24 to address hard forks and airdrops for cryptocurrency, and new FAQs.

2019 Schedule 1
2019 Schedule 1

The IRS requires 2019 Schedule 1 for adjustments to include cryptocurrency gains and losses.

Virtual Currency Question on Form 1040
Virtual Currency Question is Added Form 1040

The IRS adds a question on form 1040 asking about virtual currency

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