A Deeper Look into the Law: Blockchain – Taxation of Cryptocurrencies

Cryptocurrencies such as Bitcoin, Ether, Litecoin etc. are increasingly influencing business models of companies. Bitcoin Miners Hasrate is well equipped with materials that will further develpe your understanding of the Cryptocurrency legal frame work.  These companies also have to deal with taxation. Here you will find an overview of the tax treatment of virtual currencies and tokens. We present the most important points to you.

News: Capital gains on cryptocurrencies are taxable

In a recent judgment of February 14, 2023 (Az: IX R 3/22), the Federal Fiscal Court (BFH) decided that capital gains that a taxpayer could generate within one year from the sale or exchange of virtual currencies (currency tokens, payment tokens) achieved are subject to taxation as a private sale transaction .

In the present case, the taxpayer (plaintiff) had bought, exchanged and resold various cryptocurrencies. In detail, these were transactions with Bitcoins, Ethereum and Monero, which the taxpayer carried out privately. In the year of the dispute, 2017, he made a profit totaling 3.4 million euros. The tax office had subjected the profit from the sale and exchange of cryptocurrencies to income tax.

The BFH has now confirmed this: cryptocurrencies are so-called “other” assets that are subject to taxation as a private sales transaction if they are purchased and sold within one year.

Overview: what is it about?

The market for digital means of payment is growing strongly, albeit with sometimes large fluctuations. Politicians and financial authorities have also taken a look at digital currencies.

Companies that use and work with cryptocurrencies must above all consider possible income tax and sales tax consequences.

The Federal Ministry of Finance (BMF) issued a statement on sales tax in 2018 (letter dated February 27, 2018). According to this – in line with the case law of the European Court of Justice – cryptocurrencies are equated with conventional means of payment for sales tax purposes, insofar as they serve purely as a means of payment.

The income tax classification, on the other hand, has so far been very controversial. In the first supreme court decision of February 14, 2023, the BFH clarified that profits from the sale of cryptocurrencies are taxable under certain conditions. On May 10, 2022, the Federal Ministry of Finance (BMF) published a final letter on the income tax treatment of virtual currencies and tokens. The opinion of the BMF on the income tax treatment of private assets (margin no. 53 et seq.) is now confirmed in this respect by the BFH decision of February 14, 2023.

What are digital or virtual currencies?

  • The financial administration describes digital or virtual currencies as digitally represented units of value of currencies that are not issued or guaranteed by any central bank or public body .
  • The denominations of virtual currencies can be accepted by natural or legal persons as a means of exchange , even without the legal status of a currency.
  • The most well-known virtual currencies include, for example, Bitcoin , Ether, Litecoin and Ripple.

What are tokens?

Tokens are digital units of value that can embody claims or rights. They can serve as payment for services provided in the network or be allocated centrally by a project initiator independently of the provision of computer power. When this happens for the first time, it is called an Initial Coin Offering. Some start-ups use this method to collect capital and thus finance themselves.

Blockchain

Blockchain is an important technology for digitizing the economy and society. It is at the heart of all cryptocurrencies.

  • A blockchain is a multi-participant database with no central control that uses distributed ledger technology .
  • It is designed so that the inventory is tamper-proof and immutable, only allowing additions.
  • In the context of a virtual currency, a blockchain is a decentralized database in which all confirmed transactions are recorded, comparable to a decentralized ledger.

Proof of Work (Mining)

Mining is a process in which computing power is made available for transaction processing (block creation) . Units of virtual currency are allocated to the successful miner who created the block. This process is referred to as mining, based on gold digging.

Wallet

The wallet (translated purse, wallet, purse) is an application for creating, managing and storing private and public keys. In order to carry out a transaction of units of a virtual currency, each user needs a wallet. As a rule, a separate wallet is required for each virtual currency, since the public keys depend on the underlying blockchain.

Initial Coin Offering (ICO)

The term Initial Coin Offering is based on the English term Initial Public Offering (IPO), i.e. IPO. While an IPO involves the sale of shares, an ICO involves issuing tokens in exchange for units of virtual or government currency. As with an IPO, capital is collected with an ICO.

Proof of Stake (Forging)

In contrast to mining, proof of stake is also referred to as forging or minting, i.e. forging or embossing, sometimes also

The Best Ways To Find A Good Attorney

Estate planning takes a very special kind of attorney, one who knows the financial markets and trends, as well as how they apply to your particular situation. Though it can be tempting to draw up your own plans and goals, you would be wise to have a legal consultant to guide you along the way. Read here about what to look for in a good estate attorney.

Try to avoid a lawyer that does not have a specific area of law they specialize in. There are lawyers all over that specialize in different fields of study. Hiring one of them will increase your chances of success since the person you hire will know exactly what they are doing once they step into the courtroom.

Get a list of fees for any lawyer you’re thinking about. The fees can range greatly based on the lawyer’s demand and experience and it is best to know what you will be paying before you agree to use him. You need to know what you’re in for.

If you find that a lawyer is actively seeking you out, refrain from hiring them. Respectable lawyers do not solicit new clients. Spend some time researching lawyers and get the very best one you can.

Make a budget when it comes to paying for legal fees. If you contact an attorney and they are above your price range, try to find someone else. While there is nothing wrong with going a little over your budget, you do not want to choose a lawyer that you will have trouble trying to pay.

Make sure that you have a decent interaction with any attorney before you invest any money. You may have to spend a good amount of time with your lawyer, so it is important that you choose one that you don’t have any issues working with. Take the time to sit down with any potential attorneys and see if you get a good feel for them.

Stay as organized as possible when you are working with a lawyer. This means that you should have all of the documentation in relation to your case on hand at all times. If you are unorganized, your lawyer can lose valuable time planning a strategy for your case, which may result in a loss.

If you have a real estate situation, consider hiring a lawyer who specializes in real estate. This will make sure that your case will have the best chance to win.

If your lawyer does or says anything you don’t understand, speak up. They should be more than happy to explain anything to you, from what a fee is for to a document they’re having you sign. If your lawyer doesn’t want to talk about anything related to your case, drop them immediately.

Now that you understand more about how estate planning works and how an attorney can help, you can move forward with a well-informed plan. Seek referrals, do your research and get your new attorney on board as soon as you can.It is never too late to plan your future.

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The Reasons Why You Should Consider Hiring An Attorney

Are you in need of a lawyer but don’t know where to turn? Don’t worry because this article contains many helpful tips and tricks for finding the right lawyer to meet your needs. Keep reading so that you can learn how to put the worry to the side and come out on top with the right attorney.

Do not hire a lawyer without doing some background research. Look their name up on the Internet and talk to friends or relatives who might know the lawyer you are interested in. It is always in your best interest to choose a lawyer with an excellent reputation and good ethics.

Your lawyer should be easy to get in touch with. Many people complain about not having a lawyer who is easily reachable. If your attorney is off playing golf, you would not wish to be left wondering about what could have happened.

Imagine taking on a lawyer who is about to enter court for the first time. That’s what will happen if you take a general lawyer into a case where a specializing lawyer is a better bet. Ask any lawyer you know for their recommendations, and you’ll be pleased with the outcome.

A good tip to keep in mind when hiring a lawyer is to be very wary of any lawyer who seems more interested in getting paid than winning your case. There are many unscrupulous lawyers out there who will try to get you to pay a contingency fee, or even get you to mortgage your house.

Check online to find out what sort of fees are typical for your legal issues. This will help you avoid being scammed down the road. Choose a lawyer who has a good track record and a great deal of experience to ensure that they don’t overcharge you for their own time-wasting mistakes.

Invest time into finding the right attorney. Don’t just hire the first person you hear about. Ask family and friends who they work with. Look up the person you are considering online and see if anyone left a testimonial regarding their work. You want to find a person that is going to help, not hurt, your case.

A good tip to keep in mind if you’re thinking about working with a lawyer is to give them as much information as you can. The more documents and information they have that pertains to a case, the better your chances are of winning. If you think a document might be worthless, you lawyer might think otherwise.

Keep a paper trail. Document all conversations and meetings with your lawyer. Take note of all questions asked, as well as their answers and record all arrangements and discussions of fees and charges. Lawyers are only human and make mistakes. Give yourself a layer of protection with excessive record keeping.

Do you feel like you can better handle the selection process now for an attorney? If so, you should make sure you keep everything you’ve read in mind as you go about hiring yourself a lawyer. Remember that the right lawyer means better chances of winning your case, and knowing how to find the right one saves you much time.…

How To Submit A Personal Injury Claim At Work

Have you suffered a personal injury? Do you not know what happens next? If you have answered yes to both questions, you have come to the right article! There are a lot of things you need to know about choosing the right attorney, understanding the court process and how you can prove everything. This article can help address those problems and more!

You certainly should consider the integrity of a firm before you choose one. If you have to deal with a large lawsuit, you need to have a large firm representing you. On the other hand, if you have a very small case, you do not need to spend a lot of money on a larger firm.

There is no rush, so slow down when seeking out a personal injury attorney. Take your time and check out all of your options. Do your research for each both in person and online. The more time you take to select the best lawyer, the more likely you are to truly get the best.

Don’t be afraid to question your personal injury attorney. For instance, understanding their education background is important. If they have been out of school for a while, also ask about their efforts to continue their education. Have they attended any conferences or seminars? Have they completed online work? You want the person you work with to have fresh, current information about personal injury law.

Be reasonable with the amount of your claim. If you are asking for an unreasonable about in restitution, the judge presiding over the case is less likely to take you seriously. If you are reasonable with your claim you have a better chance of winning your case and collecting money.

You need to have a budget set up before you hire a lawyer. The costs can easily skyrocket if you don’t present your budget to your lawyer before they begin. Try to find someone who will work on a conditional basis so you only have to pay them if they win your case.

If you know a lawyer in a different type of law, you might be able to get a referral to an experienced personal injury lawyer. It is common practice for lawyers to refer cases to each another, and many lawyers know a personal injury lawyer. Make sure you do don’t rely on just their word and do your own research.

Find out about a prospective personal injury lawyer’s experience. You need to ask any lawyers you’re considering some questions about their experience just like you’re interviewing them. You should find out how long they’ve been practicing, how many of their cases were personal injury cases, if they usually represent defendants or plaintiffs, and if they’ll handle your case personally or hand it off to another lawyer in their firm.

Hopefully, this article has helped you understand some of the things involved with the process of reaching a personal injury settlement. By all means, this is not the only article out there to help you. Keep this information in mind and keep researching to ensure that you are compensated for your injury!…

The Best Lawyer Tips You Will Find

Do you need experienced legal representation to help you through your court case? You might not know what makes a good lawyer and what makes a bad lawyer. Read the below article to learn some valuable tips on how to select the best lawyer for you, so that you ensure you have the best chance of winning your case.

A good criteria in choosing a lawyer is how accessible he is on a normal day. Having a lawyer that is hard to contact is a common issue. This can lead to a lot of issues, not the least of which is the fact that you will wonder if you are getting adequate service or not.

Always remember that you are paying the lawyer for help and advice. Speak up if there is something your lawyer wants or says that makes you uncomfortable. They want to help you, so speak up.

Communicate with your lawyer. A good lawyer should be easy to get in touch with and call you back quickly after you leave a voice-mail. You should not hesitate to call your lawyer to ask for some updates or schedule regular appointments so your lawyer can give you more details on what they have been working on.

Make sure you understand the process involved with firing your lawyer. There are many lawyers that still require you to pay a portion of your fees even if you fire them. Read over all contracts carefully, so there are no surprises later in the event that you need to seek out a new lawyer.

Once you have decided to hire a particular lawyer, make sure you receive a written retainer letter that specifically defines the scope of representation, the details of the services you are to receive and the applicable fee structure. By doing this, you will stand a much better chance of getting precisely what you bargained for and you will have useful documentation of the intended relationship should you need to pursue the lawyer in a malpractice action at some point.

Keep in mind that you will end up paying a lawyer for more than just the time they spend on your case. If applicable to your case, you may have to pay them for phone costs, traveling costs, and even costs to make copies. Take this into consideration when making a financial plan.

A confident lawyer is great, but one who promises you a win before you even sign a contract with him is not the lawyer you want to choose. There are too many unknown variables in play to make any sort of guarantee, so choose a lawyer who is willing to be honest with you instead.

See how prospective lawyers react to your personal requests. The key to a great lawyer is being willing to accomodate the needs and desires of their clients. If you come across a lawyer that is not interested in fulfilling this, then you have been given sufficient warning that you should find someone else to represent you.

You should feel more prepared to find a lawyer for your needs. Begin your search and remember everything you have learned from this article. Whatever the details of your case, the lawyer you choose is just as important as the case itself.…

The Best Way To Hire A Good Lawyer

If you have run into legal troubles, you need to know how to pick a lawyer for your distinct situation. Not every legal issue is the same, and different types of lawyers are needed to handle a variety of unique situations. This article will share some great advice with you on picking the right lawyer.

Before you hire a lawyer, sit down and define the problem that you have. Sometimes, you may find that your situation is not bad enough to warrant a lawyer. Understanding exactly what you are going through can help save you a lot of money over time with a lawyer and court fees.

You may find that your friends, family, and coworkers can provide a wealth of information when it comes to finding a lawyer who can best fit your needs. Ask around and see what experiences people have had with particular lawyers, or if they have any advice for you based on their circumstances.

A great tip if you’re thinking about hiring a lawyer is to make sure the lawyer you select answers all of the questions that you have. You don’t want to pick a lawyer who can’t give you a straight answer because you’ll be left in the dark and won’t know what’s going on.

Finding a good lawyer is a lot of work. You should put some time aside to do some research and give yourself a few weeks to compare different options. Meet different lawyers to get quotes and ask for advice. You should not expect to find a quality lawyer right away.

Check for your lawyer’s record to see the accomplishments that they have in their field and whether or not there are any issues in the past. The object is to get the best lawyer available in your budget, so do your research to find one that fits the bill. This choice can make a large difference in your life if you are facing a serious issue.

Ask everyone you know if they’ve used a lawyer for a legal situation such as yours, and who they might recommend. Don’t forget to collect references for the lawyers on your short list and check them out. Also conduct a background check and Google them to see what others say about their services.

If you have been in an accident, do not hire any lawyer that comes to you and tries to solicit your business. This is not only unethical, but it is against the law. You do not want to hire anyone to handle your legal case if you have to worry about their legal ethics.

Wait to sign a contract with an attorney until you feel the situation is right. Request an estimate from the attorney so that you know approximately how many hours he or she intends on putting into the case. If the lawyer refuses, move on. A range is acceptable, but it is not fair if you have no idea what you are getting into.

As you can see, there are many different types of lawyers and even more varieties of legal help that can arise. But rest assured, there is a lawyer out there who can help you get through whatever help you need from them. Use the information from this article to think about what you need in a lawyer, and best of luck to you!…

How You Can Find Reliable Legal Advice

Going through the legal system is no simple matter, no matter how uncomplicated your reasons for doing so seem to be. It’s just not wise to enter into the situation without good legal advice. The following article can help you make the right decisions when looking to hire a lawyer and what your best moves are.

Never hire the first lawyer you come across. There are so many out there that it can be tempting to select the first one you come in contact with. Take your time and consult with a few before you make your decision. You don’t want to make the mistake of choosing the wrong one.

Make sure that you have a decent interaction with any attorney before you invest any money. You may have to spend a good amount of time with your lawyer, so it is important that you choose one that you don’t have any issues working with. Take the time to sit down with any potential attorneys and see if you get a good feel for them.

When choosing a lawyer, word of mouth is one of the best ways to find one. Ask friends or relatives for recommendations. They can give you honest feedback on their experience. They can tell you how well or poorly they did in their situation. This feedback can help you choose wisely.

A general practitioner is not always your best option. You might have a good lawyer you trust, but do not hesitate to hire a specialized lawyer if you need help with an issue your lawyer has no experience with. Do not hesitate to ask your usual lawyer for a referral.

It is important that the lawyer you hire is one who is experienced on the field you need help with. For instance, if you need a lawyer for a divorce, it would not be wise to hire a lawyer specializing in taxes. When you hire a lawyer familiar with the problem, you need help with, you have a better chance of positive results.

Discuss clearly with the lawyer what his or her role will be in your case. You want to make sure that they will file all the paperwork that is necessary and explain things to you every step of the way. Keep a journal and note all your interactions with the lawyer in it. This might come in handy if you and the lawyer later disagree on what was said or done in your case.

Keep a paper trail. Document all conversations and meetings with your lawyer. Take note of all questions asked, as well as their answers and record all arrangements and discussions of fees and charges. Lawyers are only human and make mistakes. Give yourself a layer of protection with excessive record keeping.

The legal system is complicated and overwhelming; don’t try DIY style or you risk losing before you even get started. Use the advice above and hire reliable representation for your ordeal. The lawyer you choose can mean the difference between resolution of your issue or a prolonged and dreadful experience.…