The Spanish government agency that oversees matters of finance and taxation has issued a new Bitcoin-related ruling.

"The ruling, which was issued in response to questions from Spanish Bitcoin exchange platform Coinffeine, states that Bitcoin should be treated as an electronic payment system."

"In April 2014, Abanlex, the law firm representing Coinffeine, reached out to the Ministry of Finance and Public Administration (El Ministerio de Hacienda y Administraciones Públicas) as well as Congress, to obtain a clear legal definition of Bitcoin. With its response, the Ministry found that Bitcoin-based online gambling companies in Spain must now apply for licenses. Further, the ruling, coupled with new statements from Congress, suggests that Bitcoin transactions involving a business may be subject to existing laws that impose a cap on cash transactions of EUR 2,500 or more. However, although the Ministry said it will treat Bitcoin as an electronic payment system for the purpose of gambling law, it is not yet clear if this interpretation is more broadly applicable."

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Mobile commerce in Belgium is set to hit EUR 213 million until the end of 2014, accounting for 9.7% of total ecommerce sales, predicted to reach EUR 2.2 billion in 2014.

"The 5 most popular product categories sold via mobile devices in Belgium are clothing, furniture and home decoration, tourist activities, toys and beauty products. Online sellers offer their website either with responsive design or develop a separate app to adapt to shopper’s demand to shop on their phones."

"Belgian ecommerce is not on the same track with surrounding countries and is rather seen as a playground for international companies which take in more and more ground."

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The global mobile wallet market is expected to reach USD 1.6 trillion by 2018, growing at a CAGR of 30.7% from 2012 to 2018.

"Mobile commerce is anticipated to be the leading segment until 2020, which will be then followed by mobile money transfer and mobile ticketing."

"EMEA (Europe, the Middle East and Africa) is expected to be the largest market for the mobile wallet industry in 2018. The EMEA region in 2011 accounted for over 40% of the global revenue share. The Asia-Pacific region is expected to witness the fastest growth in terms of revenue over the forecast period, and is expected to grow at a CAGR of 31.0% from 2012 to 2018 in this geography. The reason behind the rapid growth in these regions was the rising public acceptance of mobile wallets in Europe, as well as the overall dense population in Africa. The European market for mobile wallet services is developing rapidly, with substantial momentum in NFC wallet services and miscellaneous launches of non-NFC wallet services pertaining to mobile-wallet, the study shows."

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Source SmartIntern

Source Getelastic.com