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Legal Issues of Taxation of Income from Crypto-Assets
Sobol, Michal ; Kotáb, Petr (advisor) ; Martiník, Pavel (referee)
Legal Issues of Taxation of Income from Crypto-Assets Abstract This thesis dissects the taxation of income from crypto-assets from the legal perspective. The author aims to apply an effective tax treatment of a wide range of diverse and differently taxable activities related to crypto-assets, in which a taxable event may occur, to critically analyze the shortcomings in the tax system in relation to crypto-assets, to propose a solution and to compare the taxation of crypto-assets in the Czech Republic with foreign legal systems. To this end, the thesis is divided into five chapters. The first chapter is devoted to a brief general discussion of taxes, outlining the structure of income and value added taxes in the Czech Republic and serving to link theory and practice in the subsequent chapters. The second chapter deals with the legal classification of crypto-assets from the perspective of domestic legislation, European Union legislation, but also from the perspective of state authorities and state administration. The core part of the thesis is the third chapter. There, the author applies relevant tax treatment to individual activities related to crypto-assets, performs a legal analysis to determine the tax liability, defines the shortcomings in the tax system and controversial issues in the application of the...
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Virtual currency and european law.
Vaculín, Michal ; Tomášek, Michal (advisor) ; Vondráčková, Aneta (referee)
Virtual currency and EU law Abstract This thesis focuses on the very topical issue of virtual currencies and European Union law, highlighting their growing importance in the global context. The introduction provides a historical overview of the evolution of money, from primitive barter to modern decentralized finance (DeFi) and virtual currencies. This context allows for a deeper understanding of the role of cryptocurrencies as the latest stage in the evolution of financial systems and how these currencies are transforming traditional concepts of money and financial transactions. The second part of the thesis presents a detailed introduction to the issues of cryptocurrencies, including the technical categorization of digital assets, explanation of the terminology used, and a description of the individual characteristics of cryptocurrencies, including their advantages and risks. The work also addresses the technological foundation of cryptocurrencies, particularly the distributed ledger technology (DLT), cryptocurrency wallets, and the energy intensity of DLT. It introduces the most significant and well-known virtual currencies such as Bitcoin and Ethereum as well as lesser-known altcoins. Special attention is given to the energy intensity of DLT, which is often a hotly debated topic in the context of...
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Legal aspects of crypto-assets
Pieklo, Marek ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
1 Abstract and keywords Legal aspects of crypto-assets The topic of this thesis is the impact of the current legislation on the crypto-assets market and some selected entities providing related services. The aim of the thesis is to analyse the impact of these regulations, to describe in detail some of the deficits of the current legislation and, occassionaly, to present possible future developments of regulation with an impact on this issue. To this aim, the first chapter first presents the term "crypto-asset" itself and the definitions of crypto-assets currently or in the past used by various authors, including relevant European bodies and institutions. The second chapter analyses the methodology of dividing crypto-assets into relevant subcategories from the perspective of legal theory, with the work focusing mainly on payment-type crypto-assets. The third chapter then explains the impact of the legal regulations currently in force in the Czech Republic on the legal status of crypto-assets, taking into account in particular the statements of the Czech National Bank. Within this chapter, a separate section focuses on the legal regulation of 'mining' activities as a process of verifying transactions within the crypto-asset network and allocating new crypto-asset units. Chapter four looks at the impact of the...
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The Concept Proposal of Crypto-Asset Collateralization Service for FinTech Companies in the European Union
Páter, Vít ; Zinecker, Marek (referee) ; Bumberová, Veronika (advisor)
The thesis focuses on the concept of cryptoasset collateralization service for FinTech companies in the EU. An analysis of the external environment using the PEST framework was conducted, including documentary analysis of legislation, evaluation of economic factors, and analysis of crypto investor behavior. A fundamental analysis was conducted to select suitable cryptoassets for use as collateral. Using the synthetic COP method, opportunities, issues, and challenges associated with the concept were identified. The proposed comprehensive service concept ensures profit generation, security, and risk minimization. The goal is to provide a reliable service for FinTech companies in response to the technological shift in the cryptoasset field.
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Tax aspects of tokenization from the Perspective of Czech and foreign legislation
Komorous, Jiří ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
Tax aspects of tokenization from the Perspective of Czech and foreign legislation Abstract in English The aim of this thesis is to provide a comprehensive overview of tax obligations related to the tokenization process using Distributed Ledger Technology from the perspective of Czech law, analyze problematic areas of applicable tax legislation and suggest potential changes of current tax law. This diploma thesis also aims to provide a comparative view of the taxation of the tokenization process in selected countries of the world and thus evaluate the different tax obligations from the perspective of the tax subject. The first part of the thesis first briefly introduces cryptoactive assets and then describes their legal nature. Furthermore, this section discusses the definition of cryptoassets in relation to cryptocurrencies and the definition of the term token. The second part is focused on a closer analysis of the tokenization process and the tokens resulting from it. The focus is mainly on the classification of tokens and the comparison of different approaches to classification by different jurisdictions. Depending on the purpose of tokenization, tokens of different legal nature with different tax obligations are issued, therefore it is crucial to define the types of issued tokens and determine their...
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Tax liabilities of natural persons arising from activities with cryptoassets
Kratěna, Marek ; Kotáb, Petr (advisor) ; Sejkora, Tomáš (referee)
Tax liabilities of natural persons arising from activities with cryptoassets Abstract The focus of this master thesis is tax liabilities of natural persons arising from activities with cryptoassets. The sub-objectives are the correct interpretation of the new term cryptoassets and their legislative classification under the current regulations. The conclusions of these sub-objectives form the basis for a correct assessment of the main objective of the thesis itself, which is the identification of selected activities of natural persons with cryptoassets and subsequently a correct assessment of whether they fall under any of the tax liabilities of natural persons under the current tax legislation. The thesis starts with an introduction, in which the concept of the thesis and the main motivation behind the choice of this topic are described in detail. The main part is followed by a conclusion which provides a summary of the facts examined and recommendations on the direction in which the current tax legislation should evolve. The main body of the thesis is divided into five parts. The first part is devoted to the new term cryptoassets and especially its current and forthcoming legislation at the level of the European Union. In the same part, the attitude of selected countries towards this type of assets is...
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The future of cryptoasset's regulation in the European Union.
Valušková, Markéta ; Vondráčková, Aneta (advisor) ; Kunertová, Tereza (referee)
The future of cryptoasset's regulation in the European Union Abstract This thesis focuses on the regulation of cryptoassets in the EU, more specifically with regard to its future form. The aim of the thesis is first to analyse the current EU legal framework for cryptoassets, including the identification of its main shortcomings, and then to analyse and evaluate the latest proposal for the future regulation of cryptoassets, which is the MiCA proposal. The actual text of the thesis is divided into five chapters, preceded by a general introduction containing the overall concept of the thesis, its objectives and the methods used to achieve the stated objectives. The last part of this thesis is the conclusion, which summarises the main findings of the thesis. In order to analyse the legal framework for cryptoassets at EU level, it is first necessary to become familiar with the technology on which cryptoassets are based, i.e. distributed ledger technology, and the basics of its operation, which was dealt with in the first chapter of this thesis. The purpose of chapter two was to present the characteristics of cryptoassets and other terms commonly used in this context, in particular with regard to the approaches of selected EU institutions to their use and definition. The differences between the terms and the...
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Records of book-entry securities
Papajanovský, Jan ; Čech, Petr (advisor) ; Josková, Lucie (referee)
Records of book-entry securities Abstract The topic of this thesis is the registration of book-entry securities, especially with re- gard to new technologies for keeping such records, such as distributed ledger technology (DLT). The first chapter briefly describes how this technology works and how it has helped to overcome the long intractable problem of decentralised databases, the so-called double- spending issue. The following chapter then deals with the characteristics of the products (fi- nancial and otherwise) embedded in DLT technology, collectively usually referred to as cryp- to-assets. These are generally divided into cryptocurrencies, property or investment tokens, which may correspond in their characteristics to certain types of securities, and utility tokens. In the third part of the thesis, the existing legal regulation of book-entry securities in Czech and European law is analysed in detail, and the regulations of private and public law are discussed with regard to possible interpretative ambiguities and potential disputes. The key point is the assessment of the legal consequences of issuing a book-entry security in vio- lation of the public law requirements for registration with a central depository and the ques- tion of the autonomy of the concept of a security in European financial market...
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Proposal for a Regulation on Markets in Crypto-Assets: Impact on Currently Available Stablecoins
Vilímek, Matyáš ; Sejkora, Tomáš (advisor) ; Kotáb, Petr (referee)
1 Proposal for a Regulation on Markets in Crypto- Assets: Impact on Currently Available Stablecoins Abstract On 24 September 2020, the European Commission introduced its Proposal for a Regulation on Markets in Crypto-Assets (MiCA). In addition to regulating general crypto-assets, so-called crypto-asset service providers, and market abuse in relation to crypto-assets, MiCA also lays down rules for stablecoins, i.e., crypto-assets which aim to maintain a stable value. This thesis analyses how MiCA, if passed into law as introduced by the Commission, would impact the stablecoin market as it exists today, and how this would affect the ways people already use stablecoins. It does so by asking and answering these questions: How do different types of stablecoins function? If MiCA were applied to these stablecoins, would they be compliant? If not, which rules would they not comply with? If the rules were not changed, could we realistically expect such stablecoins to adapt? If they would not adapt and would cease to function, how would it change the way people currently use stablecoins? In its core, the thesis selects five stablecoins to represent the broader stablecoin market and then describes how they function. These stablecoins are Tether (USDT), TerraUSD (UST), Magic Internet Money (MIM), Fei USD (FEI), and...
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Income taxation related to cryptoassets
Mikulecký, Kristián ; Boháč, Radim (advisor) ; Vybíral, Roman (referee)
This diploma thesis deals with the legal aspects of income tax for natural and legal persons in contexts which may arise when dealing with cryptoassets of all kinds. The modern phenomenon of cryptoassets has been the subject of much discussion, especially in recent times, but legislation and comprehensive methodologies governing procedure for taxation of income are lacking. Therefore, the main objective of this thesis is to analyse income tax on cryptoassets for natural and legal persons. If we reformulate this objective into a question, it would be: How do we correctly tax income from cryptoassets for natural and legal persons? Within the framework of my thesis, I also had to deal with the technological and legal aspects of cryptoassets and taxes. The concept of a cryptoasset, including its definition and content, is still a matter of debate even now, more than 10 years after its creation. Similarly, it was necessary to analyse the Czech legislation and determine what a cryptoasset is from the point of view of Czech law within the framework of the thesis. By analysing the legislation and professional publications and using the deductive method, I came to the conclusion that the current legal framework in the Czech Republic is sufficient to answer the main question. The most frequent operations with...
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