Pennsylvania is a US state located in the northeastern and Mid-Atlantic regions of the country. It is bordered by New Jersey to the east, Delaware to the southeast, Maryland to the south, West Virginia to the southwest, Ohio to the west, Lake Erie and Ontario Canada to the northwest, and New York to north. With an estimated population of 12.8 million in 2019, Pennsylvania is one of America’s most populous states.
As with any other US state, Pennsylvania has its own laws for cryptocurrency transactions. For example:
1) Cryptocurrency exchanges are required by law in Pennsylvania; these exchanges must register with either FinCEN or The Department of Banking and Securities (DoBS). They may also need additional licenses depending on where they operate within PA.
2) Cryptocurrency taxes are subject to income tax regulations like all other forms of investment income in PA; capital gains from crypto transactions are taxed at regular income tax rates based on how long you have held those assets for before selling them off again.
3) Money transmitter laws apply – meaning that companies involved in transmitting virtual currencies (including wallets providers) need a license issued by DoBS prior operating within PA’s jurisdiction; failure doing so could result into criminal prosecution/civil penalties if caught not abiding by this rule set forth by Pennsylvanian authorities.
In short: anyone wishing trading cryptocurrencies through exchanges operating out from Pennsylvania should be aware about existing local rules & regulations applicable when it comes down dealing digital assets – whether buying or selling coins/tokens through such trading venues available across this US State’s borders line(s).
