Your business associate wants to establish a business buying cryptocurrencies in exchange for cash. Identify the legal issues and your advice regarding each issue

Your business associate wants to establish a business buying cryptocurrencies in exchange for cash. Identify the legal issues and your advice regarding each issue.

Expert Solution

Identify the legal issues and your advice regarding each issue.

Cryptocurrency transactions are subject to tax like any other asset or currency. Cryptocurrency transaction may attract capital gain tax, income tax, transaction tax, and wealth tax. Even if cryptocurrency transaction is void and illegal, the tax law is empowered to charge taxes on such transactions.

Junaid answered 1 year ago

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