Laura Mullarkey and Richard Sultman (Cleary Gottlieb) address key tax issues relevant to crypto-assets.
This article seeks primarily to address key tax issues relevant to crypto-assets. To give that discussion more context we commence with a short layman’s guide to the technology and terminology.
The technology
Underpinning the world of crypto-assets is so-called ‘distributed ledger technology’ (DLT). DLT might sound like jargon (or a sandwich) but is at its core just a database which stores certain information. This technology can be used to store most types of data for many different purposes but in the case of cryptocurrencies and similar crypto-assets the information will principally include:
how many of the particular crypto-coin denomination exist; and
who holds what.
Blockchain is just...
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Laura Mullarkey and Richard Sultman (Cleary Gottlieb) address key tax issues relevant to crypto-assets.
This article seeks primarily to address key tax issues relevant to crypto-assets. To give that discussion more context we commence with a short layman’s guide to the technology and terminology.
The technology
Underpinning the world of crypto-assets is so-called ‘distributed ledger technology’ (DLT). DLT might sound like jargon (or a sandwich) but is at its core just a database which stores certain information. This technology can be used to store most types of data for many different purposes but in the case of cryptocurrencies and similar crypto-assets the information will principally include:
how many of the particular crypto-coin denomination exist; and
who holds what.
Blockchain is just...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
