The different cryptocurrencies that are currently exchanged in the market do not move outside the multiple businesses that are striving to massively boost token as a payment option.
According to Rubén Guía Chirino, attorney and advisor for Dash Venezuela, 99% of cryptocurrency transactions are involved in legal activities; therefore, those who associate the use of digital currencies with illegal activities only have a bias towards the new technology.
Guía Chirinos said many countries in the world are lobbying to establish a cryptocurrency regulatory framework. He acknowledges it is a matter of time for lawmakers to agree on developing rules on crypto exchange.
He also suggests possible legal scenarios for possible applicability of these rules. For example, cryptocurrency mining activities can be taxed by the treasury or they can be regarded as swaps.
The international cryptography regulation context is advancing rapidly, since digital currency has become a fast-growing asset in recent times.
Recall cases like the United States, where cryptocurrencies are commodities and can therefore be taxable. Moreover, there is the case of Spain, where cryptocurrencies are exempt from VAT, except mining activity.
In short, cryptocurrency adoption in these legal aspects depends on the exercise of the individual right to property. It is also a citizen practice that leads to the creation of new laws and contracts that regulate these financial activities.
Certainly, through free exchange, and the emergence of startup ventures it is possible to move forward in this matter.
(This is a guest post by Mr. Moris Beracha)