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

Solid Tips For Retaining The Right Lawyer

Though nobody likes to entertain the thought of needing an attorney, it is an unfortunate fact that most people will need the services of a legal professional at least once in their lifetime. As the world gets more complicated, this possibility increases. Rather than waiting until an emergency arises, establish a relationship with an attorney now. Read some tips here on how to do that.

Do not go with the first lawyer you happen to find in the phone book or on the web. Instead, research several attorneys to find the one best suited for your case. Therefore, make sure you ask other people and discover all you can on your potential lawyers.

A good tip when thinking about hiring a lawyer is to make sure you can always reach him or her. Many people complain about not having a lawyer who is easily reachable. Don’t be left wondering whether your lawyer is working or out having a round of golf.

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.

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.

If your lawyer has a busy schedule, your case may end up costing more to complete. That’s because it will end up dragging on as they tend to all of their other clients. Try to select a lawyer who isn’t running around like a chicken with their head cut off!

Inquire about the possibility of reducing costs by doing some tasks yourself. You may be able to help get the paperwork ready. If there is paperwork to be picked up at the courthouse, offer to pick them yourself so you will not have to pay the office staff to do it.

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.

If you have an attorney on retainer, ask him for a recommendation for a specialist if he cannot handle your case. Lawyers specialize in different things. Your general lawyer will know who specializes in what subject and will give a reliable recommendation. If you already have a general lawyer, they will do their best to help you find a specialized lawyer who is more qualified than them.

You are now aware of the need to protect yourself with legal council way before there is an urgency that leaves you vulnerable. Use the insights here to wisely choose an attorney who will have your back when the chips are down. Then relax and know that your are covered.…

Here Are Some Solid Tips For Getting The Ideal Lawyer.

Have you been to court? If so, then you probably realize just how important lawyers are. While many jokes are made at their expense, you often can’t win without them. Therefore, you need to know how to find the best possible one and how to work with them to ensure the best chance of success. Keep reading to find out more about choosing the right attorney.

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.

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.

Look for reviews on local lawyers online. Finding a lawyer that you can trust and respect can be very difficult, so any advice that you can get can be very helpful. Make sure the reviews you consider are on an independent site and take all comments with a grain of salt. The goal is to find the general consensus.

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.

It is important to think about the specialty of a lawyer your are hiring. You want to make sure you hire the lawyer you need. You do not want to hire a lawyer that specializes in criminal law to do your estate planning. Choosing a lawyer that specializes in whatever area of law you need, will guarantee you get someone who has a lot of experience in that area and can do a good job.

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.

You now know more about picking a lawyer and having a good relationship with them. This should help you when you have to shop for a good attorney. Take the time to digest all this information, then use it to your advantage. After all, the more you know, that better chances your case will have in winning.…

Fantastic Advice If You’re Dealing With A Personal Injury

Has another person’s reckless behavior caused you injury? Are the bills racking up because you’re not able to work? Is this you? Well, going to court may be your solution. The following article is full of useful tips on personal injury cases and legal procedures.

When seeking out a personal injury lawyer, you must be sure that you look at reviews online. Do not settle for the first lawyer or law firm you come across. This is most often not the best choice, and you should search for an experienced lawyer.

A good place to find a competent attorney is with your state’s American Bar Association. This place will give you recommendations and present the file of your lawyer to date.

Check into how large your prospective lawyer’s firm is prior to making any decisions. The bigger your case, the bigger the firm you need. When you have a minor case, find a smaller firm to represent you.

You should take pictures of your injury so you can document your case in court. Have someone else take the photos if necessary. This should be done as quickly after the injury as possible for the most accurate photos.

Do not move your car after you get into an accident unless law enforcement asks for it to be moved. This can sometimes hurt your chances of proving your case. The only time you should is if you’re in the way of a street that’s busy.

Don’t apologize following an accident. This is a good way for them to prove that the accident was your fault. Even if you’re wrong, you should wait before apologizing.

No matter how you sustain your personal injury and you are not at fault, you need to seek legal counsel right away. Time is important with this kind of suit. If you get a lawyer immediately, you will have someone working to secure your case, even if you are so injured that you can not move.

When it comes to finding an attorney, it is important to take your time. Finding a personal injury attorney take time and patience. There is a lot of competition out there, so shop around until you find a lawyer who is talented and experienced.

Who is responsible for your pain? There are clear procedures in place if your accident occurred at work, but an injury caused by another individual is an entirely different situation. Explain your situation to an attorney and try and determine who is at fault.

Shut the front door! Once you are hurt, try to say as little as possible. Also keep silent around police and medical professionals except to share with them where you feel pain and how badly it hurts. Also answer any questions regarding your medical history. The less you say, the less there is to be used against you later.

Now you know you can have more than nothing. If someone’s reckless behavior causes you serious harm, there is something you can do about it. You want to utilize the tips you’ve learned so that you’re able to get the money you need.…

Expert Advice To Help With Personal Injury Issues

When it comes to personal injury, you have many legal options available to you. If you’re like many people, you have no clue what choices you have. This article provides some advice and pointers to help you navigate the often complicated legal issues. Read on.

When you are documenting the events from the accident, you should write down your injuries in detail. Describe your injuries, including cuts and broken bones. Include any bruises which come up the next day too. You should think about your mental state as well. For example, take note of any fears about driving in the future.

When looking for an injury attorney, review online resources. Don’t just call the person that is screaming at you from the television commercial. This won’t always be the best person to go to, so it’s a good idea to read about real experiences.

Having a preexisting condition does not automatically negate a personal injury claim. Tell your lawyers specifically what injuries you had before the accident and be honest. Otherwise, your attorney could be blindsided in the courtroom.

There is a chance that it is not in your best interest to file a complaint just because you are dealing with some pain. This can be normal and it could go away soon. If the issue lingers, though, you should think about contacting an attorney.

If you need an attorney, a retainer letter is essential. This sets out how much you are going to be liable for in legal fees, as you don’t want any sudden surprises later. Arrange a payment schedule in your retainer agreement and spell out how the relationship can be terminated if it proves unsatisfactory.

After an accident occurs, avoid moving your car unless a police officer asks you to. Doing this can sometimes worsen damages and reduce the liability of the other party for the harm to your vehicle. If your car is blocking traffic, this is an exception.

When hurt and you are not at fault, hire a lawyer right away. You do not need to waste any time when dealing with personal injury lawsuits. This can give your attorney a head start on building your case for the jury.

When talking to a lawyer, find out if they have previously handled cases similar to your. This is a good way to estimate their ability to succeed on your behalf. If the attorney has no experience with your situation, look elsewhere for someone who does.

Take pictures of your injuries so you have visual evidence for your case. Photo evidence will substantiate your claim and provide proof of your injuries. It can also affect the amount you are awarded when you win your case.

Check out every option. Going through your attorney options is very similar to selecting an automobile or a home. Stay away from new firms or lawyers who seem overconfident about their ability to win your case quickly.

Don’t downplay the damage caused to you by another person. You should understand that you may have legal options. If you decide to move forward and file a personal injury lawsuit, remember everything you’ve read here.…

Find The Needle In The Haystack – Steps To Take When Looking For A Lawyer

You already know how important lawyers are if you’ve been to court in the past. You have probably heard bad things about lawyers but you should not expect to win your case if you do not have a good lawyer. Because of this, you should understand how to locate your best lawyer and work with them properly so that your chance of success is maximized. Read on for some excellent tips on selecting a good lawyer.

If your case involves a real-estate matter, then you need a real-estate lawyer. These types of lawyers are trained to handle your situation, which will help ensure that your case is properly dealt with. This will significantly increase the odds that the outcome will be in your favor.

You don’t just want to choose the first lawyer you find. It’s critical that you research all the choices to find the best. The lawyer I hired, who was recommended by my personal real estate broker when I bough my first house, got her license revoked for malpractice! Be very cautious.

It is important that you stay in contact with your lawyer. A lot of attorneys are hired and are hard to find for quite some time afterwards. These problems can be taken care of with a schedule.

Get recommendations from businesses for a good business lawyer. Companies who provide lawyers with services will probably be able to provide you with several good lawyer choices. If you need a lawyer for your small business, contact other small business owners such as accountants or real estate brokers to see if they can recommend some lawyers to you. It is likely they have frequent contact with the type of lawyer you need.

Be skeptical if a lawyer wants you to pay a sizable retainer in order to take your case. If you must pay a retaining fee, make sure you are refunded a balance. You also need to check with others, because there are attorneys that will charge you a small retainer, charging you later for anything additional.

Above all, you want to have a good feeling about the lawyer you are hiring. A good attorney is not only smart and well-versed, but he also treats people with respect and makes them feel at ease. If you feel uncomfortable, it is okay to find a different lawyer that you connect with better.

Discover the friendliness of people who work for your lawyer. Are your calls answered promptly? Is the person answering the phone courteous? You can take the hint if the lawyer’s office takes too long returning your phone call.

Keep in mind that lawyers cannot work miracles. If you find a lawyer that assures you he or she will win, no matter what, that means that they’re lying to you and need to be avoided. Law does not come with guarantees, and therefore, you should be skeptical if a lawyer says he or she never loses.

Now that you have read this article, you know how to find the best lawyer. Because of this, you should have an advantage over your opponent during your court case. Use everything you’ve learned here, and find out even more. The ultimate goal is to win your case, so learn everything that you can to succeed.…

Essential Tips To Know Before You Hire A Lawyer

There are many reasons people seek out lawyers. When it’s your first time, it can be tough. How can one keep it all under control? The following tips will help you learn what sorts of things to expect with regards to lawyers.

You really do not want to pick the first lawyer you come across. Research wisely since there may be serious consequences for you if you don’t. Get all the information you can about those you’re considering hiring.

What you tell your lawyer is confidential. To illustrate, if you share information about something related to your case, the attorney does not have the right to tell your competitors about it.

If your lawyer tells you something, listen, but know you don’t have to act on it. When you’re not comfortable, say something. There are several cases that they work on at once, so they could overlook something.

If you are not completely comfortable with your attorney, keep looking. You also need to be comfortable with the fees they are charging you. When you give them a retainer, don’t just hand over a blank check. You should treat it just like a visit to the auto mechanic. Get an estimate before the work starts so that you are not surprised.

If you do not know a business lawyer but need one you should ask people for a recommendation who already have one. You might be able to get a referral for a good lawyer from many companies. Small businesses should refer to bankers for advice. They can tell you from experience who is good.

Choose a lawyer that you feel very comfortable with. Your lawyer should be intelligent but also friendly and communicative. He or she should make you feel welcome in the office. If you feel uncomfortable, it is okay to find a different lawyer that you connect with better.

Ensure the lawyer’s office is friendly. You should pay attention to how quickly the receptionist picks up the phone and how politely you are treated. If they are late in returning your calls, look elsewhere.

Talk to your attorney about jobs you can complete on your own. You could for instance help with the paperwork you have to fill out. If the courthouse requires documents, see if they can get them personally so that the law office staff doesn’t need to get paid to do it.

You should use the Internet when trying to find a lawyer. Nearly all businesses have an online presence these days, and that includes lawyers. Look at the firm’s website. If their website is not up to your standards you may want to avoid contacting them as that is not a very good sign.

Ask the attorney about his education. While it shouldn’t be the deciding factor, it is necessary to know. If he went to an ivy league law school, he is likely a hard worker. Of course, an excellent lawyer could graduate from a fair school. Nonetheless, this is good information that should be considered.

You need to know what to expect when you hire a lawyer. Follow the advice from this article when it comes to hiring a lawyer. It is sound advice that will make the entire process smoother and less stressful.

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