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![Fig. 2. Principle of the blockchain technology [7]](profile/Daniela-Ludin/publication/355096838/figure/fig2/AS:1068341640826880@1631723904021/Principle-of-the-blockchain-technology-7_Q320.jpg)
Contexts in source publication
Context 1
... network has a corresponding instance that manages and controls the transactions made, a decentralized network dispenses with just that control instance and enables direct communication between the participants, with each participant having access to the uniform data stock at all times. Such networks cannot be controlled from the outside (see Fig. 1) [4]. Blockchain networks are not only designed for the transmission of cryptocurrencies. For example, sales contracts can also be documented within the framework of smart contracts, since all transactions are publicly traceable. This is also known as the Internet of Value, in which every transfer of goods can be mapped ...
Context 2
... network has a corresponding instance that manages and controls the transactions made, a decentralized network dispenses with just that control instance and enables direct communication between the participants, with each participant having access to the uniform data stock at all times. Such networks cannot be controlled from the outside (see Fig. 1) [4]. Blockchain networks are not only designed for the transmission of cryptocurrencies. For example, sales contracts can also be documented within the framework of smart contracts, since all transactions are publicly traceable. This is also known as the Internet of Value, in which every transfer of goods can be mapped ...
Citations
... Germany has taken a proactive approach to cryptocurrency regulation, passing a law in 2020 that requires licensing for all cryptocurrency exchanges operating in the country. Regulation is entrusted to the Federal Financial Supervisory Authority (BaFin), which also sets rules for custodians of cryptocurrencies and supervises the activities of market entities (Wellbrok, 2021). ...
... All cryptocurrency transactions must be reported in the annual tax returns of German tax residents, and failure to do so may result in fines. In addition, exchanges and service providers are required to report any suspicious activity to the FIU (Wellbrok, 2021). ...
Presently, legal circles, both among theorists and practitioners, are particularly concerned about the legalisation of cryptocurrencies and transactions with them according to the current legislation. For this reason, the purpose of this work was to study approaches and methods to legalisation of income derived from cryptocurrency speculation based on the provisions of the tax legislation of Ukraine. A theoretical analysis of the general concepts under study was conducted, which in turn formed the object of this study. The common and distinctive features of the researched concepts were identified, thus establishing the relationship and dependence between them. As for the practical aspects, the study revealed them in the analysis of particular regulations, namely, the specific features of their implementation. Positions and opinions of various scholars on it were compared, which allowed for a qualitative coverage of ways to legalise the income that citizens receive from cryptocurrency speculation. On the basis of the analyzed scientific publications, the most successful and suitable for implementation in Ukraine, the experience of other countries, in particular the USA and Canada, has been determined. It has been proven that the legalization of citizens’ incomes received from cryptocurrency transactions is a necessary process for the economic development of the state.The practical value of the study lies in the fact that it can be used both by scholars, in the context of the primary source for further study of this issue, and by lawyers whose activities are related to cryptocurrencies. The scientific value of this study was covered in the description of effective approaches to transactions with income generated by cryptocurrencies, which have not yet been studied to the required level
