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Bitcoin and other virtual currencies have been in the news recently as one Bitcoin exchange, Mt Gox, went bankrupt and reporters chased the purported creator of Bitcoin around Los Angeles. Given their growing popularity, the Internal Revenue Service (IRS) thought it necessary to issue guidance on virtual currency, such as Bitcoin, in Notice 2014-21. The Notice, which is in the format of answers to frequently asked questions, describes how existing tax principles apply to transactions involving virtual currency.

Shearman & Sterling's Donald N Lamson and Sylvia Favretto explain the significance of the US stress tests for European banks

New issuing and trading standards are a key part of Dubai’s strategy to increase global investors’ confidence in sukuk structures

African Development Bank’s Tas Anvaripour explains how Africa50, the continent’s new project finance platform, will plug funding gaps and improve project bankability

Regulatory and market developments will rein in the convergence of cov-lite, term loan B and high-yield terms across Europe and the US

The region’s regulators are proving indecisive on FDI reforms, but forging ahead with new technologies like cloud computing

Growing hype over fleeting market trends should not overshadow the regulatory and finance developments that will outlive this stage of the cycle

Daniel Hayek and Alexander Flink of Prager Dreifuss discuss the differences between German and Swiss culpa in contrahendo liability in M&A

Mofcom’s new simplified merger review process is a welcome step towards a broader reform agenda. But ultimate success depends on its application

China’s new rules for domestic companies selling offshore bonds will benefit issuers, but credit enhancement structures will remain crucial