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One hallmark of a free market system is risk. Independent auditor reports reviewing the sufficiency of the cryptocurrency custodian's security practices as well as regulatory compliance documents received by the IFM from its cryptocurrency custodians and brokers must be provided to the principal regulator.
In general terms, where a taxpayer does not engage in the business of trading in cryptocurrency (i.e., the taxpayer acquires such property buy and sell bitcoin for a long-term growth), any gain or loss generated from the disposition of cryptocurrency should be treated as on account of capital.

5 Bitcoin: Fiebre Argentina por la Máquina de Dinero Digital Bitcoin: Argentine Fever for the Digital Money Machine, LA NACIÓN (June 30, 2013), -bitcoin-pasion-argentina-por-la-nueva-maquina-de-hacer-billetes-digitales; Argentina es uno de los países que más usa el bitcoin Argentina Is One of the Countries That Uses the Bitcoin, CLARÍN (Dec.
Toronto-based cryptocurrency exchange Bitbuy , which offers trading in Bitcoin and 6 altcoins, has just inked a deal with Montreal-based Bitcoin security firm Knox Through the partnership, Bitbuy will leverage Knox's custody and 1:1 deposit insurance, making Bitbuy the world's first platform to find a way to keep the full value of its bitcoin cold storage holdings insured,” according to a press release.

7, 2014): On January 27, 2014, the Central Bank of the Russian Federation issued a statement entitled "On Using Virtual Currencies, Specifically Bitcoin, in Transactions." According to the statement, the Central Bank views the services of Russian legal entities aimed at assisting in the exchange of bitcoins for goods, services, or currencies as a "dubious activity" associated with money laundering and terrorism financing, and recommends that Russian individuals and legal entities refrain from transactions involving bitcoins.
As each jurisdiction decides on its approach, it is clear that governments and regulatory authorities are aware of the growing popularity and use of cryptocurrency as a capital raising mechanism, and that such attention by the authorities will mean enforcement of regulation and at times perhaps even the introduction of new regulations that issuers, investors, and virtual currency exchanges, will have to contend with.

35 In its statement the Finanstilsynet emphasizes that it has evaluated the use of the Bitcoin system and found that Bitcoin does not fall under any of the financial services categories, including the issuing of electronic money, payment for services, currency exchanges, or the issuing of mortages; thus, Bitcoin activity is not covered under current financial regulation.

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