On 10th January 1Legal.Net held an event, dedicated on the legal and tax issues of crypto currencies. Here is a brief summary of what has been discussed.
The analysis of the legal framework of bitcoin and altcoins, made by Evgeniya Gancheva, founder of 1Legal.Net, highlighted the diferent approaches to the virtual money in diferent countries. The exponential growth of ICO projects and unclear legal nature of the business model of crowdsales requires quick and adequate response of the legal systems.
The legal status of crypto currencies in Bulgaria was analyzed by Vassil Kostov, legal consultant in 1Legal.Net. It's been stressed that the legal framework is fragmented and there is enormous regulatory loophole regarding virtual money.
Monika Petrova, head of Tax and Insurance Practice at NRA, gave practical explanations on the statements of the Revenue Agency regarding the tax treatment of bitcoins in Bulgaria. Crypto currencies are considered as a financial asset by the NRA, subject to taxation, and transactions with their exchange with fiat money are exempt from VAT.
Tax experts of Deloit – Valentina Lukova and Yordan Genov discussed basic issues concerning the taxation of the income of physical persons in the mining and sale of crypto money and the tax treatment of the transactions with crypto currenices under the Corporate taxation act. An analysis of the EC VAT Committee Interpretation on the crypto currencies transactions has been made.
Martin Kuvandjiev, crypto enthusiast and creator of BitcoinGold, talked on the issues related to the functioning and application of block chain technology in all areas of the economy and life. An optimistic forrecast has been expressed about the future of virtual money in the light of the benefits of smart contracts.
The presentation of Vladimir Tassev, blockchain developer and one of the creators of Open Source University project, focused on practical issues with the launch of ICO projects in Bulgaria and the legal issues that one need to know when starting ICO.
Evgeniya Gancheva Attorney at Law |Founder 1Legal.Net | Cyber Law explorer | Crypto enthusiast | Speaker in forums on e-business
Valentina Lukova Senior Manager | Tax Department, Deloit Bulgaria | Expert international taxation
Yordan Genov Manager | Tax Department, Deloit Bulgaria | Expert tax consulting indirect taxes
Vassil Kostov Legal Consultant 1Legal Net| Technology Law | Intellectual Property Protection
Monika Petrova Head of Tax and Insurance Practice in NRA | Appeal and Tax-insurance Practice Division
Rossitsa Blagoeva VAT Methodology Expert in NRA| Tax-insurance Methodology Division
Martin Kuvandjiev Software engineer | Core developer in Bitcoin Gold | Awards - John Atanasoff, BAIT and NASA
Vladimir Tassev Blockchain developer | Team member of ICO Startup project Open Source University | In-depth knowledge in the financial sector
Legal Chains of Blockchain will take place on: 10 January 2018, Beginning at 19:00 Soho | 4 Iskar Str. Sofia
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