e20230321 Navigating uncertainty of US taxation in cryptocurrencies
Please be reminded that this is an e-seminar which can be accessed anytime to obtain the CPD hours.
Cryptocurrencies are a new and rapidly evolving asset class, with several characteristics that make them unique from a US taxation perspective. Existing rules have not typically been developed with cryptocurrencies in mind.
In the market, there has been a number of high-profile crypto business model failure, such as the bankruptcy of FTX. The recent upgrade to the Ethereum network, shifting from proof of work to proof of stake, will mean more market participants earning staking income. Further, there has been an increasing trend in the use of the stablecoins. All these pose questions on how they should be treated from a US tax perspective.
In this seminar, the speakers will discuss at a high level the US tax consequences of cryptocurrency activities as well as provide tax regulatory updates in relation to cryptocurrencies.
Key topics will include the following:
- General overview of US taxation
- What are cryptocurrencies and what are the different types of cryptocurrencies?
- How does the US tax authorities tax income from cryptocurrencies activities, e.g. airdrop, staking, hard folk, exchange of stablecoins, FTX crypto loss?
- What guidance has been issued to date in relation to cryptocurrencies?