Title: A simplified tax regime for taxing cryptocurrencies

Co-organizers: A seminar co-organized by the CUHK CCTL Tax Law and Policy Forum and the International Fiscal Association Hong Kong Branch

Synopsis: The cryptocurrencies that are an integrated part of the blockchains have led to the creation of enormous value and wealth that attract increasing attention from investors and governments. The sophistication and anonymity of crypto-assets create significant challenges for tax administrations. The current tax rules and guidelines in relation to crypto-assets are either too broad or too complicated. This seminar proposes a simplified tax regime that would significantly reduce compliance and administration costs when taxing cryptocurrency. In this simplified tax regime for taxing cryptocurrencies, the first taxable event occurs at the moment when crypto-assets are converted to fiat currency or other real-world goods or services.