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2018 - Volume 1 - Number 1

Legal Regulation of the Crypto-Currency Taxation

Katsiaryna Ulyanava * kate.ulianova@gmail.com * ORCID: 0000-0001-7138-1590 * ResearcherID: N-7225-2018
Belarusian State University, Law Faculty, Minsk

Open Journal for Legal Studies, 2018, 1(1), 1-8 * https://doi.org/10.32591/coas.ojls.0101.01001u
Online Published Date: 18 July 2018

LICENCE: Creative Commons Attribution 4.0 International License.

ARTICLE (Full Text - PDF)Legal Regulation of the Crypto-Currency Taxation

KEY WORDS: taxation of crypto-currencies, mining, digital sign (token), blockchain.

ABSTRACT:
At the beginning of the 21st century, we see the emergence of new legal relations related to the massive emergence of crypto-currencies. The natural question is, what to do with the taxation of the crypto-currency, new mining activity. We are analyzed different approaches in the world for this question. In the Republic of Belarus are created conditions for introduction in the economy of the technology of transaction block ledger (blockchain) and legally fixing such complex concepts as crypto currency, mining, digital sign (token). Granting tax holidays for 5 years gives, as advantages in attracting foreign business to the jurisdiction of Belarus, and can contribute to the inflow of illegal money, and therefore it is necessary to strengthen internal control to prevent the legalization of proceeds from crime, and to take an active part in global international initiative – the BEPS Plan (Base Erosion and Profit Shifting).

CORRESPONDING AUTHOR:
Katsiaryna Ulyanava, Schevchenko boulevard 22, appt. 10, Minsk, BELARUS. E-mail: kate.ulianova@gmail.com.

REFERENCES:

Axon Partners (2018). Legal regulation of the crypto-currency business. Retrieved from http://axon.partners/wp-content/uploads/2017/02/Global-Issues-of-Bitcoin-Businesses-Regulation.pdf, Accessed 29 January 2018.

Decree of the President of the Republic of Belarus on Development of Digital Economy No. 8, 21 December 2017 (2017). Retrieved 28 February 2018, from
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Forklog (2018). High taxes and a lot of state - how bitcoin business develops in Finland. Retrieved 29 January 2018, from https://forklog.com/vysokie-nalogi-i-mnogo-gosudarstva-kak-razvivaetsya-bitkoin-biznes-v-finlyandii/.

KPMG (2017). Review of Legislative Regulation of Crypto-Currency in Selected States. Retrieved 29 January 2018, from https://assets.kpmg.com/content/dam/kpmg/ru/pdf/2017/11/ru-ru-cryptocurrency-legislative-regulation-worldwide-november-2017-upd.pdf.

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The Eurasian Economic Commission (2018). Regulation of crypto-currencies: a study of the experience of different countries. Retrieved 29 January 2018, from http://www.eurasiancommission.org/ru/act/dmi/workgroup/Documents/digest/%D0%A0%D0%B5%D0%B3%D1%83%D0%BB%D0%B8%D1%80%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D0%B5%20%D0%BA%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%20%D0%B2%20%D1%81%D1%82%D1%80%D0%B0%D0%BD%D0%B0%D1%85%20%D0%BC%D0%B8%D1%80%D0%B0.pdf

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