The August edition of “Lawyers Monthly” magazine features an interview with E&S Group director, Dr Christian Ellul. During the interview, various topics were discussed most of which centred around the blockchain, cryptocurrencies, taxation and regulations passed by the European Parliament and Malta.
Although many regulations are being passed in different countries around the world, most particularly, Malta, not every aspect of the industry is being directly regulated. In fact, cryptocurrencies do not have “specific tax laws, regulations or guidelines”, hence “the general principles of taxation would need to be applied” stated Dr Christian Ellul.
He stated that “the current volatility of cryptocurrencies makes them impractical substitutes for the more stable FIAT currencies.”
However, “the moment people will lose faith in a FIAT currency, usually due to the questionable actions of central banks, they can fall back onto these decentralised currencies, which by their very nature, cannot be controlled or influenced by a central authority.”
If you would like to continue reading the interview please click here.