Sold Out Event: Introduction to cryptocurrencies and their tax implications (M1834
22 June 2018
Josef Mercieca and Dr Chris Agius who are currently spearheading our Fintech Advisory arm recently organised a sold out CPE qualified seminar in collaboration with the Malta Institute of Accountants on cryptocurrencies and their tax implications.
Following the recently proposed legislative framework for virtual currencies, initial coin offerings as well as other blockchain-related services are evidence of how this new industry is taking the world by storm.
The seminar started off with an in-depth look at how blockchain technology may be utilised to facilitate operations or to carry out innovative projects which previously were beyond the scope of existing technology. The speaker went on to focus on how tokens and/or coins fit into the whole picture, in an attempt to provide a clear picture of their respective purpose and how such may or may not be utilised.
The obective of the seminar was to examine how traders and virtual currency holders need to become aware of the tax implications to safeguard their interest, which may arise from the disposal of such crypto-assets.
The speakers went on to provide a detailed analysis of income tax implications arising from the trading activity of virtual currencies, whilst paying particular attention on the current applicable treatment of capital gains arising on a disposal thereof. The speakers also examined the deemed source of such profits and/or gains and the repercussions which may arise thereof, particularly to persons who have limited connection with Malta.
In the latter part of the seminar, the indirect tax position of virtual currencies and crypto-assets were scrutinised from a general point of view, with attention being afforded also to initial coin offerings.
Whether you are planning on setting up a cryptocurrency exchange, or considering relocating your payment platform to Malta, we are here to offer legal, financial, and corporate services related advice that will make your transition or setup process as smooth as possible.
Our team of professionals will be able to assist with answering any queries which you might have as well as providing you with the necessary guidance to choose Malta as your hub for innovation. Should you require any further information, please feel free to get in touch on [email protected]