Cryptocurrency Regulations and Laws

View a timeline of cryptocurrency regulation and laws

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1989

DigiCash

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

photo credit: chaum.com

1998

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.

photo credit: bitgold.site

2007 - 2008

Global Financial Crisis

2008 Financial Crisis

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

2009

1 BTC = $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

2010

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)

2011

1 BTC = $0.01 US Dollars

1 BTC = $0.01 USD

1 BTC reaches the value of 1 US penny

2012

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.

2014

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.

2018

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.

photo credit: us.aicpa.org

2019

10,000 IRS Tax Notices

The IRS Sends 10,000 Tax Notices

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

2020

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.

2019

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.

2020

2019 Schedule 1

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

2021

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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