Fiscal subject related
This ruling can potentially provide insolvency practitioners in Hong Kong with precision over digital assets. Recognizing that crypto represents a share-like asset brings Hong Kong into line with other jurisdictions.
The case also concerns Gatecoin, a Hong Kong-based crypto exchange that suffered a hack in 2016 and lost two million dollars in digital assets. The exchange announced in March 2019 that it had received a compulsory liquidation order from a Hong Kong court.
In the US, the IRS recognizes cryptocurrencies as property for federal tax purposes. This means that the principles that apply to real estate transactions also apply to cryptocurrency transactions. Courts in China have also recognized crypto as property as early as 2019, when the Hangzhou Internet Court legally recognized bitcoin as digital property.
As Hong Kong pushes its goal to become a global crypto hub, China's state-linked banks are seizing the opportunity to build partnerships and bring regulated crypto firms to Hong Kong. The events took place despite a ban on crypto activities in China.
Other news from Metaverse
Montenegro will introduce a law on cryptocurrency.
The Europe Now Movement (Pokret Evropa Sad) has announced that it will work with the world's biggest experts in the field of cyber security on a law that will protect the citizens of Montenegro and their capital from potential fraud in the crypto world. The president of the Europe Now Movement said that digital scams like Cheil Worldwide, Bitconnect, and more recently Terra were only stopped when... Read more
The EU's DAC8 proposal strengthens tax enforcement and reporting in the digital economy.
The European Union (EU) has put forward the DAC8 proposal, aimed at enhancing the detection and prevention of tax fraud, evasion, and avoidance. This legislative initiative aims to improve the ability of member states to combat these financial crimes. Additionally, the Organization for Economic Co-operation and Development (OECD) is working on a global crypto-asset reporting framework (CARF). Thes... Read more
European Union: VAT Committee publishes guidance on VAT treatment of NFTs
The European Union (EU) VAT Committee has published a working paper on NFTs, which sets out the current NFT ecosystem landscape and provides qualifying definitions of NFTs and related concepts that are currently undefined in existing EU regulations. The working paper also provides guidance on the VAT treatment of NFT transactions, which must be analyzed on a case-by-case basis to determine whether... Read more
The European Parliament has given the green light to a rule to regulate the field of cryptocurrencies
On April 20, 2023, the European Parliament gave the green light to the first comprehensive rules for regulating the field of cryptocurrencies. According to the new regulation, service providers will have to protect the digital wallets of customers, and if they lose investors' crypto funds, they will have to be responsible for it. The purpose of the rules is to protect investors from abuse and mani... Read more
New document was uploaded: Recorded webinar: Meet Fiscal Solutions – What is our core business?
On March 15, 2023, Fiscal Solutions organized a free webinar on the topic of „Meet Fiscal Solutions – What is our core business?“. The webinar was held by Danilo Krstonijević, Account Manager at Fiscal Solutions. This webinar introduces us as an IT specialist for fiscalization and explains in detail what we do. Read more
The Republic of Srpska has established a registry of intermediaries in cryptocurrency trade with a newly published rulebook
Based on news from Banja Luka, Republic of Srpska has established a registry of intermediaries in the trade of cryptocurrencies, which continues to regulate this market. Also, what allowed for this novelty is that in the Republic of Srpska, a new regulation has been published as the Rulebook on the record of service providers related to virtual currencies. This country has established a registr... Read more