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Author Topic: [2017-10-30] The essence of cryptocurrency. What legislative changes are require  (Read 1566 times)
fanatseal2
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October 30, 2017, 12:45:50 PM
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Cryptocurrencies are gaining popularity every day due to the simplicity and transparency of their circulation. However, due to the lack of direct regulation, there is an issue of taxing cryptocurrency transactions, as well as their compliance with the law on money laundering, and on countering the financing of terrorism. The complexity of this issue lies in the fact that there is no clear legislative definition of cryptocurrency, nor even a common understanding of its nature.

Some regulators consider cryptocurrencies a financial asset and a subject to regulation under securities laws (SEC, MAS). Others believe that cryptocurrency is a commodity, and all payments  for goods and services are just a usual trade, while others consider cryptocurrencies a foreign currency (for example, Japan). The least popular option for determining the nature of cryptocurrencies is calling them a money surrogate, since this approach usually means ban on their use.

As for taxation, there is also no consensus: most often, cryptocurrency is a subject to a profit tax or a capital gains tax, which directly depends on the legal nature of cryptocurrency. So, the capital gains tax is applied to financial assets, and is based on...Read more
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Marry Finch
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October 30, 2017, 06:15:31 PM
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Now the states are actively studying the nature of the crypto currency and are looking for options for assigning a certain status to it, but due to the novelty and ambiguity of the assessment of the nature of the crypto currency, they really can not come to a single opinion. The formation of the crypto currency will still be long and complex. It is necessary to develop common approaches to the concept of crypto currency, and only then to develop the options for its use.

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