From white paper to balance sheet

Key dates in bitcoin's protocol, accounting rules, products, regulation and tax, in the US, the UK and the EU. Facts only, each with a primary source. Exchange-traded products are described in general terms.

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1. 31 October 2008The Bitcoin white paper is publishedProtocol

   Satoshi Nakamoto describes a peer-to-peer electronic cash system.

   Source: Satoshi Nakamoto: Bitcoin: A Peer-to-Peer Electronic Cash System (white paper, 31 October 2008, PDF).

2. 3 January 2009The genesis blockProtocol

   The first block is created.

   Source: mempool.space: Block 0, the genesis block (3 January 2009).

3. 28 November 2012First halvingProtocol

   At block 210,000 the subsidy falls from 50 to 25 BTC.

   Source: mempool.space: Block 210,000, the first halving (28 November 2012).

4. March 2014US: virtual currency treated as propertyTax

   IRS Notice 2014-21 says virtual currency is property for federal tax purposes.

   Source: IRS: Notice 2014-21: virtual currency is treated as property for federal tax purposes.

5. 9 July 2016Second halvingProtocol

   At block 420,000 the subsidy falls to 12.5 BTC.

   Source: mempool.space: Block 420,000, the second halving (9 July 2016).

6. 24 August 2017SegWit activatesProtocol

   Segregated Witness activates at block 481,824.

   Source: Bitcoin BIPs: BIP 141: Segregated Witness (consensus layer), mempool.space: Block 481,824, SegWit activation (24 August 2017).

7. June 2019IFRS: agenda decision on cryptocurrenciesAccounting

   The IFRS Interpretations Committee concludes that IAS 2 applies to cryptocurrencies held for sale in the ordinary course of business, and IAS 38 otherwise.

   Source: IFRS Foundation: IFRS Interpretations Committee agenda decision: Holdings of Cryptocurrencies (June 2019).

8. 10 January 2020UK: FCA becomes anti-money laundering supervisorRegulation

   Firms carrying on certain cryptoasset activity come under FCA anti-money laundering supervision.

   Source: FCA: Cryptoassets: our work.

9. 11 May 2020Third halvingProtocol

   At block 630,000 the subsidy falls to 6.25 BTC.

   Source: mempool.space: Block 630,000, the third halving (11 May 2020).

10. 6 January 2021UK: retail sale of crypto ETNs and derivatives bannedProducts

    The FCA ban on selling crypto derivatives and ETNs to retail consumers takes effect.

    Source: FCA: PS20/10: Prohibiting the sale to retail clients of investment products that reference cryptoassets.

11. 14 November 2021Taproot activatesProtocol

    Taproot activates at block 709,632.

    Source: Bitcoin BIPs: BIP 341: Taproot, SegWit version 1 spending rules, mempool.space: Block 709,632, Taproot activation (14 November 2021).

12. 31 March 2022US: SEC staff issue SAB 121Accounting

    Staff guidance on accounting for obligations to safeguard crypto assets held for platform users.

    Source: SEC: Staff Accounting Bulletin No. 121 (31 March 2022).

13. June 2023UK: final rules on cryptoasset financial promotionsRegulation

    The FCA publishes PS23/6.

    Source: FCA: PS23/6: Financial promotion rules for cryptoassets.

14. June 2023EU: MiCA enters into forceRegulation

    The Markets in Crypto-Assets Regulation enters into force, with full application in December 2024.

    Source: ESMA: Markets in Crypto-Assets Regulation (MiCA).

15. 8 October 2023UK: financial promotions regime appliesRegulation

    Promotions of qualifying cryptoassets come within the FCA's remit.

    Source: FCA: Cryptoassets: our work.

16. December 2023US: FASB issues ASU 2023-08Accounting

    In-scope crypto assets to be measured at fair value, with changes in net income.

    Source: FASB: ASU 2023-08, Intangibles: Goodwill and Other, Crypto Assets (Subtopic 350-60).

17. 10 January 2024US: spot bitcoin exchange-traded products approvedProducts

    The SEC approves the listing and trading of spot bitcoin exchange-traded products.

    Source: SEC: Release No. 34-99306 (January 10, 2024): order approving the listing and trading of spot bitcoin exchange-traded products.

18. 20 April 2024Fourth halvingProtocol

    At block 840,000 the subsidy falls to 3.125 BTC.

    Source: mempool.space: Block 840,000, the fourth halving (20 April 2024).

19. 1 January 2025US: broker reporting on Form 1099-DA beginsTax

    Brokers report gross proceeds for sales on or after this date.

    Source: IRS: About Form 1099-DA, Digital Asset Proceeds From Broker Transactions.

20. 30 January 2025US: SAB 122 rescinds SAB 121Accounting

    Entities safeguarding crypto assets for others apply general loss contingency guidance.

    Source: SEC: Staff Accounting Bulletin No. 122.

21. 8 October 2025UK: retail access to crypto ETNsProducts

    Firms can offer retail consumers crypto ETNs traded on a UK recognised investment exchange. There is no FSCS coverage.

    Source: FCA: FCA opens retail access to crypto ETNs (in force 8 October 2025).

22. 1 January 2026UK: Cryptoasset Reporting Framework beginsTax

    UK cryptoasset service providers start collecting user and transaction data.

    Source: HMRC: IEIM8000050: Cryptoasset Reporting Framework, commencement.

23. 30 June 2026UK: final rules for the new cryptoasset regimeRegulation

    The FCA publishes final rules and guidance for cryptoasset firms. See our guide for a company that only holds its own bitcoin under the regime from 25 October 2027.

    Source: FCA: Overview of our cryptoassets regime policy statements (30 June 2026).

24. By 31 May 2027UK: first CARF reports due (scheduled)Tax

    Reports for 2026 are due to HMRC by 31 May 2027. HMRC's online reporting service is not live yet.

    Source: HMRC: Check if you need to report cryptoasset data to HMRC (Cryptoasset Reporting Framework).

A hollow marker means a scheduled date that has not happened yet.

Sources

Primary sources only. Each link was checked on 29 October 2026. Rules change, so confirm the current version with your adviser.

1. IRSNotice 2014-21: virtual currency is treated as property for federal tax purposes
2. IRSAbout Form 1099-DA, Digital Asset Proceeds From Broker Transactions
3. FASBASU 2023-08, Intangibles: Goodwill and Other, Crypto Assets (Subtopic 350-60)
4. SECStaff Accounting Bulletin No. 122
5. IFRS FoundationIFRS Interpretations Committee agenda decision: Holdings of Cryptocurrencies (June 2019)
6. FCAPS23/6: Financial promotion rules for cryptoassets
7. FCACryptoassets: our work
8. HMRCCheck if you need to report cryptoasset data to HMRC (Cryptoasset Reporting Framework)
9. HMRCIEIM8000050: Cryptoasset Reporting Framework, commencement
10. SECRelease No. 34-99306 (January 10, 2024): order approving the listing and trading of spot bitcoin exchange-traded products
11. FCAFCA opens retail access to crypto ETNs (in force 8 October 2025)
12. Satoshi NakamotoBitcoin: A Peer-to-Peer Electronic Cash System (white paper, 31 October 2008, PDF)
13. mempool.spaceBlock 0, the genesis block (3 January 2009)
14. mempool.spaceBlock 840,000, the fourth halving (20 April 2024)
15. Bitcoin BIPsBIP 141: Segregated Witness (consensus layer)
16. Bitcoin BIPsBIP 341: Taproot, SegWit version 1 spending rules
17. mempool.spaceBlock 210,000, the first halving (28 November 2012)
18. mempool.spaceBlock 420,000, the second halving (9 July 2016)
19. mempool.spaceBlock 630,000, the third halving (11 May 2020)
20. mempool.spaceBlock 481,824, SegWit activation (24 August 2017)
21. mempool.spaceBlock 709,632, Taproot activation (14 November 2021)
22. SECStaff Accounting Bulletin No. 121 (31 March 2022)
23. FCAPS20/10: Prohibiting the sale to retail clients of investment products that reference cryptoassets
24. ESMAMarkets in Crypto-Assets Regulation (MiCA)
25. FCAOverview of our cryptoassets regime policy statements (30 June 2026)