The increasing popularity and global growth of cryptocurrencies have resulted in questions regarding the regulatory status of this novel financial phenomenon. Cryptocurrencies are entirely virtual and organized via a network called a blockchain. This is a register keeping secure records of all completed transactions. The blockchain is practically controlled by no one, as it is distributed across all computers with Bitcoin wallets. Therefore there isn’t a single institution that manages the network. Logically this implies the presence of various legal … Read more
During the past decade virtual currencies, such as Bitcoin, Qtum, Litecoin and Ethereum, have become increasingly popular. They are currently used as both methods for payment and investment instruments. The emergence of cryptocurrencies led to a legislative vacuum that had to be replaced by adequate regulations.
The present publication focuses on Bitcoin (by far, the most popular virtual currency) taxation. Bitcoins substitute real currencies and have a real monetary value. This means that they can be converted into US and … Read more
Capital gains from transactions in cryptocurrencies such as Bitcoin are increasingly becoming taxable in countries worldwide. Therefore taxpayers are under the obligation to include cryptocurrency transactions in their yearly tax returns. Non-compliance may lead to serious penalties. This raises the question whether tax authorities are able to adequately identify cryptocurrency owners in order to collect the liabilities.
The anonymity issue
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