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States have every interest in regulating the world of cryptocurrencies

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November 29, 2017 | 

Joanna Newman |  0 Comments| 

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States have every interest in regulating the world of cryptocurrencies

The world of cryptocurrencies continues to grow.

It is not only about currencies but about a whole system of crowdfunding for companies. The famous ICO.

Numerous stock exchanges have been created around cryptocurrencies allowing their exchanges. And sites allow to convert them into traditional currencies.

In addition, the Central Bank allowed banks to receive money from the conversion of virtual currencies.

Countries begin to recognize virtual currencies

More and more countries around the globe are recognizing cryptocurrencies. Even if some still balk and forbid.

As for the stock markets, it's the same scenario. Some countries forbid them, others prefer to regulate them.

Take the case of Gibraltar, it is one of the first countries to have accepted and integrated this new monetary system.

As a result, many companies have moved to the area.

Countries do not know how to tax cryptocurrencies

Most countries do not know what status to give to virtual currencies.

Should it be considered as currency, or as movable property?

Or could some be recognized as currency and others as property?

Many countries have chosen to recognize them as movable property. While Japan for example considers them as real currencies.

To understand the dilemma that states face, it must be understood that if cryptocurrencies are recognized as traditional currencies, then their conversion is not taxable.

However, if they are recognized as movable property, then their trade is taxable. It is an exchange of goods without passing through a fiduciary currency.

But in this case, the owners will have every interest in trading in foreign countries. They will escape taxation in their home country.

It is undeniable that cryptocurrency buyers will turn to countries that will not limit them from a fiscal point of view.

This is why countries have every interest in creating appropriate regulations that will have the potential to attract investors to them.

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