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

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 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!…

Are Lawyers Worth The Money They Charge?

You must have an honest and experienced attorney when you are faced with a challenging legal matter. But, do you know what are the most desirable attributes in a lawyer when you are selecting one? Keep reading to get your money’s worth for a great lawyer.

A good tip if you’re thinking about hiring a lawyer is to listen to your gut when it comes down to whether or not you’re going to hire that person. Your lawyer is going to represent you in court, so if your lawyer seems unscrupulous, it’s going to fall back on you.

When looking for a good lawyer, make sure to obtain personal references. Talking to the local community that have experienced issues similar to you. For instance, if you’re a victim of sexual harassment, speak with a women’s group. Ask them about the lawyers they had and what their experiences were like.

If you already have a great lawyer, ask them for advice. They can either tell you that they can take on your case, or point you in the direction of a lawyer who will help you out. When you already have a lawyer you trust, there is no reason to search out advice elsewhere.

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.

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.

When looking for a good lawyer, it can be very helpful to ask friends and family for their recommendations. It seems as though there is a law firm around every corner, so referrals can steer you towards a great lawyer. Even if they do not specialize in your type of case, they can recommend someone like a colleague to you.

Money is an issue for many people these days, and the thought of paying for high legal fees can feel downright terrifying! Ask your lawyer if he or she might consider allowing you to pay off your fees with a payment plan; it’s possible that this might be an option for you.

There is a great deal of legwork necessary in a legal case, both research and actually talking to witnesses, which will lead to the development of the presentation of your lawyer in court. That means any lawyer who tells you you’ll win up front has no idea what they’re talking about.

Armed with this information, you can go forth and find the best attorney for your situation. Always remember the information you read when you need to find a lawyer. You will be able to find the right attorney for your case.…

Ensure You Are Covered When It Comes To Personal Injury

A personal injury attorney is a specialized lawyer that will help to bring victims of accidents monetary settlements. In many cases, their workload involves battling vehicle owners and insurance companies. To learn more about what is involved in choosing, working with and helping a personal injury lawyer, read on.

Personal injury is a field that is difficult to have a case in. That’s why you need a personal injury attorney who has lots of experience. Be sure to find an attorney with successful trial experience. In that way, you can be more certain of your own victory.

Document everything with photos. If you can’t take photos yourself, have family or friends take them. Do this immediately following injuries to get the best pictures.

Talk with a personal injury attorney about how you can maybe pursue settling out of court. Not only will this save you a lot of stress in the long run, but can reduce the amount of court fees that you will end up paying.

Avoid flashy advertisements from lawyers as these are usually not the good ones. Along with the negative attention these outlandish advertisements can provide, it can be seriously hard to determine the capabilities of those lawyers based on their ads. Instead, schedule a consultation before hiring any attorney.

Make sure that any documents related to your injury are organized neatly. From prescription receipts to doctor’s diagnoses, keep it all together. Also save copies of any email from your doctor concerning your injury.

When you’re in the midst of a personal injury dispute with an insurance company, you’ll need to keep proper documentation of all your bills, hospital visits, and other pertinent information. If you want to win the case and receive money, you need to prove that you are indeed injured and that you are trying your hardest to get well. If you don’t, the court won’t trust you.

It is important to find out all the other party’s policy information if you plan to represent yourself. Perhaps you can make multiple claims. If you make this request and the other person is not forthcoming, you can obtain an affidavit to require their cooperation.

Many personal injury lawyers offer a free first consultation. If that is the case, make sure you have all the evidence you think is applicable when you meet them. From police reports to doctor’s prescriptions, have everything on hand. All these documents can help your prospective attorney get a good idea of what your case will look like and if they can take it on.

If your injury happens at work or from a car accident, you need an attorney as soon as possible. There is no time to spare. Hire an attorney right away. Get the statements of witnesses. Take pictures of the scene and of the injuries.

Personal injury lawyers are often hard to judge. You need to think beyond just their fees. Use the same guidelines you would apply to hire any other lawyer. Determine whether the personal injury lawyer is in it for the money or really has your best interests at heart.…

Find The Perfect Lawyer With These Top Tips

With regards to choosing a lawyer, many people don’t know how to proceed. There are a lot of lawyers out there; some are good and some are bad. Use the information included here to move forward with your legal woes.

Make sure to request a lawyer’s work history prior to making a hiring decision. Just because a lawyer can practice doesn’t mean he is good. Be certain to know the lawyer’s record, so you can feel better about his ability to work well.

If accused of committing a grave crime, the number one thing for you to do is hire an attorney. Trying to handle everything yourself can leave you in a compromising situation. Lawyers are experienced professionals trained to deal with these situations.

Do not hire a lawyer that is searching for you. Usually this is a person that wants to scam you, especially if your case involves you paying a lot of cash. Find a quality lawyer that has a solid reputation.

When hiring a lawyer, you should ensure you are able to easily reach them when you need them. One common complaint people have is being unable to get in touch with their lawyer. You shouldn’t get stuck wondering what’s going on with your case just because you have a lawyer that’s on vacation.

You must let your lawyer know your communication expectations. Some lawyers are hard to reach as soon as they are hired. Making your expectations known from the start will prevent this problem.

You should always speak with your friends and family before researching your options alone. By speaking with friends, neighbors and family, you may be able to get a great suggestion on a lawyer that successfully dealt with a case of theirs. Not only will this help lessen the time you need to research, it could be very good for your own legal needs.

Do not pay a huge retainer before your lawyer looks at your case. If they state that they will not work with you otherwise, discuss the terms and conditions surrounding the retainer. In addition, you should do your research. Lots of lawyers will accept small retainers, and if there is a difference, you will be appropriately charged for it.

If you are looking for an attorney, check out the many lawyer referral services available. This type of service can locate a lawyer for you. The quality level can be inconsistent, since some screen lawyers carefully and include just the ones with a certain set of qualifications and experience. Other services will list lawyers who only meet the bare minimum required by law. Find out more about different referral services and listings before you use this method to find a lawyer.

Find the lawyer who is best for your situation is likely to take some time. Nonetheless, it is preferable to search carefully and find the right lawyer instead of just picking one at random. Utilize the excellent suggestions provided here so that you can find a great lawyer who will work hard to win your case.…

Everything You Need To Know About Choosing A Lawyer

Just because a lawyer has gone through years of law school doesn’t make him good at his job, and it doesn’t mean he is able to help you with any legal issues you may have. Read this article to learn how to choose the right type of lawyer for your situation. You won’t be sorry.

Talk to a lawyer about their history. The lawyer may be legally practicing, but there is no guarantee he is a success. Be sure that you find out what his track record is like so you can feel confident of his ability to do a good job for you.

Why not have a lawyer ready to go in case something happens by putting one on retainer? That way, you do not feel lots of pressure and can take enough time to find just the right attorney. This also means you will have someone to turn to when you need it.

While being faced with the higher costs of a lawyer who specializes in the field you need may be overwhelming, you will often find that it costs less by the end of your case. General lawyers spend lots of time looking at cases than specialists would, which can lower your hourly costs.

If your case involves a real-estate matter, then you need a real-estate lawyer. This will help you to be sure that you can deal with the case quickly and get a judgment in your favor so you have a good outcome.

Know that anything discussed with a lawyer is confidential. Your lawyer is not supposed to share anything you say, including things that would work against you in the context of your case.

If you search for the word “lawyer” in your area on the Internet the results can be overwhelming. When it comes to legal representation, you must treat your situation with respect by taking time to research each lawyer you’re thinking of using. You may even find that you’ve hired a lawyer without a valid license or one who has been sued for malpractice. Be careful when choosing legal representation.

When meeting with your attorney, always ask questions. Great lawyers will thoroughly explain all the details and update you along the way. Think about hiring a new lawyer if you feel your lawyer is leaving you in the dark.

If you are not completely comfortable with an attorney, keep on looking for someone else. Their fee’s should not leave you feeling confused either. Also, when it comes to the retainer, do not give the lawyer a blank check with your signature. Figure out the fees upfront so that you’re able to control what the costs are before losing control of them while your case is going on.

As discussed above, the skills of an individual attorney may not always be the best match to every case. If you understand what different lawyers specialize in, though, you can pick someone who will handle your case effectively. Consider what you have learned carefully, and make a good choice!…