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

Personal Injury Advice You Can’t Afford To Miss

Your personal injury case needs to be a strong one in order to reach a settlement. There are some ways that you can ensure that you get what you deserve! For example, it is important to be aware of how to choose the right attorney and to understand the settlement process. The following article is dedicated to helping you learn what you need to know about personal injury as a topic.

When choosing a personal injury lawyer, pay special attention to the size of their firm. Generally, larger firms mean that more than one lawyer may work on your case. These are usually Associate Attorneys who are trying to gain some legal experience, while having a senior attorney oversee and make the final decisions. Smaller firms can usually provide better management by having fewer people working on a case. Feel free to ask if other attorneys will be working on your case in any firm you’re interested in.

Don’t pay any money up front to a personal injury lawyer. A reputable personal injury lawyer will not require any money up front; in most cases they will offer a free consultation prior to taking your case. During this consultation be sure to ask them about exactly what you will be charged (whether it’s a flat fee or an hourly rate), and if they offer some sort of payment plan.

The personality of your lawyer is just as important as their experience in personal injury law. You need to choose a lawyer who lets you play a role in your case. You should be in touch with them frequently so you can update them on any information you have and vice versa.

If you are involved in a car accident, you need to take as many photos as you can of the scene. If there is any kind of personal injury case brought up, these will help you present your case. If you have a lawyer, it will help them see exactly what happened.

When you are considering whether to hire a particular personal injury lawyer, make sure you ask questions about their previous case history. How many wins and losses have they had? If they have a history of only obtaining small settlements, or losing a lot of cases, then they probably are not the lawyer for you.

Look for a personal injury lawyer that’ll work on a contingency fee. This means he or she will cover all costs associated with the case and be paid at the end through a percentage of any settlement. You may need to shop around to find the right one here, as some lawyers may be more comfortable with working your case like this than others.

Your case is going to be much stronger if you follow the simple written advice from this article. Meanwhile, no case will ever be foolproof when it comes to personal injury, knowledge is power. It is imperative that you understand the process of suing a company for personal injury and you end up with an attorney who has a high success rate.…

Finding Personal Injury Legal Advice Is Simple Thanks To This Article

If you’ve just realized you have an injury case, no doubt your head is spinning. Having access to useful information is key, and the information provided here can help to pave the way. Read on and learn how you can win your personal injury lawsuit.

When choosing a personal injury lawyer, pay special attention to the size of their firm. Generally, larger firms mean that more than one lawyer may work on your case. These are usually Associate Attorneys who are trying to gain some legal experience, while having a senior attorney oversee and make the final decisions. Smaller firms can usually provide better management by having fewer people working on a case. Feel free to ask if other attorneys will be working on your case in any firm you’re interested in.

Look into how big the firm is prior to employing them. If you have a big lawsuit, you need a big firm to support you. For minor claims, this is not as important.

Insurance companies never want to pay out any type of settlement, so always proceed with caution when dealing with them. You will probably have to deal with one or more insurance companies during the claim, so be prepared. The goal of an insurance company is to deal with a case as quickly as possible, for the least expense possible. You may wish to consult a lawyer before accepting anything from an insurance agency.

In this particular field of law, experience is definitely worth the extra money it may cost. A personal injury lawyer that has been practicing for some time, and who has many cases under their belt, is certainly going to be well versed in how to obtain the maximum settlement sum. You will get what you pay for.

The faster you can get to trial, the better. While you’re injured, it is likely you are not bringing in as much income as you did before the accident, or even any at all. How can you pay your bills? The faster your trial is over, the sooner you’ll get your money.

You may have to hire a personal injury lawyer if you are involved in an accident. If you do, make sure you consult with professional organizations in the area to ensure that the lawyer is qualified to represent you. These organizations will also know if there have been any ethical or legal troubles associated with the firm you are considering.

If you are injured at work, you must find a lawyer who deals with workplace accidents. They know not only how to deal with the insurance, but also how to ensure you still have a job once the case is over. They’re truly going to give you a positive outcome in the end.

By applying the advice found here, your personal injury lawsuit will be that much stronger. Start by hiring a reliable lawyer and prepare your case carefully. The time to start is now, so focus on your case and work diligently!…

Facts About Personal Injury And The Law

If you hope to win your personal injury case, you need to be smart and utilize sound strategies. If you were injured recently, give your case the best chance to win by learning what to do now. Read this article for some useful information on personal injury cases and tips that will improve your chances of winning your case.

Detail injuries as clearly as possible in writing. Describe your injuries, including cuts and broken bones. Be sure to account for all related aches and bruises that don’t show themselves until days following the injury. Additionally, if you seem to be stressed after an accident, you may be suffering from post traumatic stress syndrome.

When looking for a personal injury attorney, look up their reviews online. Don’t just choose the lawyer on the television ad. This may not be the best option for you. You need to choose a lawyer based on their experience with cases like yours.

Your state’s Attorney Bar Association is a great place to find a personal injury attorney. Going with a recommendation from the ABA, or simply reading reviews there, allows you hire a qualified lawyer. You will also be able to check records, find a lawyer close to you, and find lawyers who win the most in settlements.

Look into the firm’s size prior to deciding on your lawyer. If your suit is large, then your representing firm needs to be large as well. However, if your case is small, you might be able to save money by going with a smaller firm.

Before insisting on a court date, consult a personal injury attorney to establish the best possible course of action. This will save you some time, stress and money spent on court fees.

Your lawyer works for you, so it is important that they treat you with respect and address any questions or concerns you may have. If your attorney dismisses your questions or otherwise disrespects you, it may be time to find a new lawyer. If you have trouble reaching your attorney, you might want to look for a new one.

If you are dealing with a personal injury case, you must go to all of your doctor’s appointments and have them well documented. In order to win your case and get the money you deserve, you must have proof not only that you are injured, but that you are doing everything in your power to get better. Otherwise, you run the risk of appearing noncommittal or dishonest.

For those that have to deal with a personal injury, figuring out the policies that the person at fault has to abide by is important. You might be able to make more than one claim. If you ask and they are not willing to give you this information, then consider getting an affidavit to compel them to divulge this information.

The time is right to prepare for your case in order to recover from your injuries. You should now have a better grasp on the legal system when it comes to personal injury. Getting a good lawyer, as well as an education on the subject, are the first steps in handling your plight.…

Essential Tips For Successful Personal Injury Claims

Personal injury is a serious matter and you should never take it lightly. If you are hurt because of another person’s negligence, file a personal injury claim. Whatever the outcome of your case, your effort makes the earth a bit safer. The article that follows will help you in getting your personal injury taken care of.

Bring up the lost income that you experienced when preparing your case. This includes the amount of time you missed work and did not receive compensation or were paid less money than usual as a result of physical or mental injury, lack of transportation, etc. This can include money that you lost from missing school.

Never seek out a personal injury lawyer because you saw their advertisement on television. This is a serious mistake. If you are thinking about enlisting the help of a lawyer, you should do your homework before scheduling an initial consultation. If you don’t, you could waste money or end up with an attorney that’s inexperienced.

The law firm’s size is a crucial piece of your decision. If you’re a part of a large personal injury lawsuit, it might be helpful to use a big firm for your representation. You don’t need to spend as much for a smaller case.

Many questionable lawyers abuse flashy advertisements to pull in large crowds which is why you should avoid them at all costs; no matter how tempting they might be. On top of what people think about advertisements that seem to good to be true, it’s not too easy to know how good a lawyer is just because you saw them in an ad. Always meet a lawyer face-to-face prior to making your final decision.

Make sure you inform the appropriate authorities when you suffer from a personal injury. Be sure to tell your supervisor immediately if you are injured on the job. If you suffer an injury as a result of a car accident, call for an ambulance and the police as soon as you can.

You should avoid moving your car after accidents unless the police tell you it is ok to do so. That can result in worse damages and makes the other person less responsible for the accident. The only exception is when the accident takes place where there is a lot of traffic.

When representing yourself in a personal injury case, details can be vital. You might be able to claim against two or three policies instead of one. If they don’t want to provide the information you need, you can get an affidavit that will make them.

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. Bring police reports, the paperwork you received from your insurance agency, your medical bills and documents on income loss. The lawyer will be able to see what the case looks like.

A personal injury case is not easy to settle. Still, when it is all over, you may have the money you need to pay your bills. With any luck, this article should have helped you with what you need for your claim. Remember the advice you have received.…

Find The Excellent Lawyer With These Good Tips

When it comes to searching for a lawyer, many people don’t really know what they should look for. Hiring the wrong attorney can make your legal issues even more frustrating. If you are looking for some solid tips on how to find a great lawyer, you need to read the article found below.

Don’t choose the first lawyer you find. You want to do your homework when picking a lawyer. This is important and you need to take it seriously. Ask around, and find out everything you can about lawyers that you’re interested in.

Always find out about an attorney’s background before you hire him. Just because they can practice don’t mean that they’re successful. This will help you feel confident about your representation.

Make sure you have a fee schedule for any lawyers you are thinking about retaining. Fees are going to differ quite a bit depending on that lawyer’s experience and demand. This means that you must know what the fees will be prior to paying them. It would be a shame to lose your lawyer after your case has already begun.

If you are approached by a lawyer, do not hire them. If you are involved in a case that can be costly, they may be trying to scam you. Do due diligence in order to get the best attorney on your own terms.

Decide what specific legal services you need ahead of time. The first thing to consider is whether you really need a lawyer or not. For example, a lawyer is needed if you’re charged with an offense, have a lawsuit coming up or if you’re in a divorce. You may also need an attorney’s expert opinion for a financial or business matter.

A specialist may cost more per hour, but it’ll be less in the long run. Someone who is not familiar with your type of case will have to do a lot of research, and that is going to cost you a lot of money. A specialist will not need to do all that research.

A real estate lawyer is essential for any and all real estate legal issues. This ensures that the case is dealt with quickly and more likely in your favor, ensuring the best outcome possible.

Lawyers are advocates for their clients. A lawyer may not say what you want to hear; however, they work for you and want a positive outcome to your case. Do not be scared to say something if you’re unhappy with things they say. Your attorney is one your side. However, you are but one of the many cases they handle.

Keep away from lawyers who leave you feeling uneasy. This also goes for their fee structure. Do not sign blank retainer checks. Be sure to get a solid estimate at the outset to prevent the situation snowballing beyond your ability to pay.

Locating the right attorney is not easy and may take considerable time. But, with the help of the above advice, you will have an easier time with your search. You will also have a better chance of getting a lawyer that will pay attention to you and that’s dependable as well.…

Expert Advice On Your Personal Injury Claim

Personal injury attorneys cover claims that have brought harm to some defendants. These lawyers end up dealing a lot with insurance companies, business and vehicle owners, and others who may be liable for a victim’s accident. You can learn how the process goes by reading the article below.

Never forget to include any lost income or wages into your personal injury lawsuit. This is the work you’ve missed or had to perform at a reduced rate of payment due to your injuries. You may include any money lost on classes you weren’t able to go to.

Search reviews online when trying to decide on a lawyer for your personal injury. Do not choose the lawyers you see in TV ads. Experience is the key determinant of success; the ability to produce an obnoxious commercial is not.

If you know any family members or coworkers who have been involved in a personal injury case, ask them for a recommendation. This will make it easier for you to find a suitable lawyer that will get you what you deserve. You deserve the best attorney possible for your situation.

Look online for a personal injury lawyer with a good reputation. You will be able to look at more information this way. Look for a lawyer who has experience with other similar cases and proper qualifications.

Never hire a lawyer off the TV. This will usually lead to a disaster. The slickest marketing does not always translate into the best legal representation. Schedule a face to face meeting with any prospective attorney. Taking time to research personal injury lawyers in your area can lead to finding the perfect attorney for your case.

Speak with your personal injury lawyer to determine whether or not it is possible to settle your dispute before it hits the court. This will save you some time, stress and money spent on court fees.

If you suffer an injury, it is important to report it immediately to the correct authorities. If you’re injured at work, tell the supervisor right away. If you get injured when you’re driving or walking on the street because of an automobile, call an ambulance and the police when you need to.

Do not move your car after you get into an accident unless law enforcement asks for it to be moved. This can sometimes make damage worse, and reduce the liability of the other involved party. The only time you should is if you’re in the way of a street that’s busy.

After you’re in an accident, don’t apologize to the other party. This may help them prove that you are at fault for the incident. Even if you’re wrong, you should wait before apologizing.

Getting a personal lawyer can be a tricky thing if you don’t know what you’re doing. You need to think over more than just the cost of a personal injury lawyer if you’re going to hire one. Use these guidelines to make rational, informed decisions about your personal injury lawsuit. Layers, documentation and legal requirements all affect your outcome.…