Umbhali: (1) I-Arindam Misra Author: (1) I-Arindam Misra Umbala we-Left Abstract futhi 1. Ukuhambisana Bitcoin and the Blockchain 2.1 The Origins 2.2 Bitcoin in a nutshell 2.3 Basic Concepts Crypto Exchanges Source of Value of crypto assets and Bootstrapping Initial Coin Offerings Airdrops Ethereum 7.1 Proof-of-Stake based consensus in Ethereum 7.2 Smart Contracts 7.3 Tokens 7.4 Non-Fungible Tokens Decentralized Finance and 8.1 MakerDAO 8.2 Uniswap 8.3 Taxable events in DeFi ecosystem 8.4 Maximal Extractable Value (MEV) on Ethereum Decentralized Autonomous Organizations - DAOs 9.1 Legal Entity Status of DAOs 9.2 Taxation issues of DAOs International Cooperation and Exchange of Information 10.1 FATF Standards on VAs and VASPs 10.2 Crypto-Asset Reporting Framework 10.3 Need for Global Public Digital Infrastructure 10.4 The Challenge of Anonymity Enhancing Crypto Assets Conclusion and References abstract Ukukhishwa kwe-Bitcoin nezinye i-crypto assets ezisekelwe ku-Distributed Ledger Technology ibonisa ukuguqulwa okuhlobene kwindlela abantu ukuhlangabezana nokudluliselwa kwemali ngokusebenzisa inethiwekhi eyahlukile, ezisekelwe emhlabeni wonke. Lokhu kunikeza izimpendulo zokulawula kanye nezimali, njengoba izivakashi nezimali zithole isikhathi ukuhlola nokunikezela izimpendulo zomthetho kule ubuchwepheshe ezintsha, ezivuthayo futhi ezikhuthazayo. Ngenxa yokushintshwa kwe-blockchain ubuchwepheshe kanye nokukhula kwe-Decentralized Finance, i-Organizations ye-Decentralized Autonomous kanye ne-Metaverse, kungabikho ukuthi izivakashi zopolitiki kanye nokuhambisana kwezimfuneko ze-regulatory noma ama-tax administrations zikhombisa noma zihlanganisa ne-tempo yokushintshwa. Le ncwadi kusiza ukuxhumana nezinsizakalo ezisebenzayo ze-crypto assets, ubuchwepheshe zayo zangaphakathi futhi zihlanganisa nezinkinga zebhizinisi kanye nezinhlangano zebhizinisi ezivela ngaphakathi le-ecosystem. Ngaphezu kwalokho, inikeza izibonelo zokuphendula kwezimali kanye nezimali ezivamile ezisebenzayo ezivamile ezivamile, kuhlanganise izinguquko ezivamile ezivamile ezivela ku-FATF kanye ne-OECD. Le ncwadi inikeza ukucacisa ukucaciswa kwezimali ezivela nezimali ezivamile nezimali kanye nezimali ezivela ekusebenziseni. Ngaphezu kwalokho, inikeza ukucacisa ukucaciswa kwezimali ezivela ku-asset class futhi inikeza ukwakhiwa kwe-global digital public infrastructure okuyinto ingatholela imibuzo ezihambelana ne-pseudonymism kanye ne-extra-territoriality. Le ncwadi kusetshenziselwa izimo zebhizinisi ezingenalutho kanye nez I-Introduction Ngo-3 Januwari 2009, Satoshi Nakamoto wahlala i-block yokuqala ye-Bitcoin (i-genesis block) futhi yasungulwa inkqubo epholile yokuhlanza kanye nokudluliselwa kwekhwalithi ngempumelelo[1] ngokusebenzisa inethiwekhi epholile. I-genesis block kwenziwa kuma-philosophy esekelwe kwenethiwekhi olutsha. I-transaction eyenza i-50 bitcoins yokuqala iqukethe i-phrase "The Times 03/Jan/2009 Chancellor on the edge of a second bailout for banks." okukhuthaza imiphumela ye-monetary and financial system. Nokho, i-Bitcoin yaba futhi kunzima kakhulu inethiwekhi yokuhlanza nokudluliselwa kwekhwalithi nge-blockchain. Ngemuva kweminyaka embalwa, ngoJulayi 30, 2015, uVitalik Buterin waqala i-Ethereum, okuyinto iye yenza izici ezingaphezu kukaBitcoin futhi isebenza njenge-global generic computing virtual machine. I-capability yokusebenza ikhodi eyakhelwe ku-blockchain yasungula inkqubo ephelele yama-application ezinikezela imikhiqizo yama-financial ezintsha kusuka ku-lending ne-lendering, kuya ku-insurance nge-smart contracts.[2] Nge-blockchain networks ezifana neSolana, izinga lokudluliselwa kungaphezulu kwezinkampani ezivamile ezifana ne-Visa.[3] Izinkampani ezifana ne-Decentralized Autonomous Organizations, i-Decentralized Applications ne-Metaverse zihlanganisa iz Ngokuvamile, i-akhawunti ye-Financial Asset Class iyathuthukisa ukusebenza kwe-financial kanye ne-monetary system lapho ukulayisha ama-Securities kungabangela imizuzu embalwa, noma ukulayisha / ukufumana ama-money emikhulu emhlabeni wonke kungabangela imizuzu embalwa lapho abasebenzisi abalandeli abalandeli abalandeli abalandeli abalandeli abalandeli abalandeli (Aramonte et al. 2021). Ngokuvamile, i-crypto assets, ikakhulukazi zithunyelwe futhi zithunyelwe ngokusebenzisa i-custodial wallets (Auer, R., & Claessens, S. (2018)), kubalulekile, noma kungekho engabikho, ukucacisa ingozi yemvelo noma yebhizinisi emkhakheni. Isakhiwo se-entity ingathunyelwa futhi isisekelo se-transactions ingathunyelwa ku-centralized system. Nokho, ne-crypto assets, ikakhulukazi eziquka zithunyelwe futhi zithunyelwe ngokusebenzisa ama-custodial wallets (Auer, R., & Claessens, S. (2018)). Ngenxa yalokho, amazwe amaningi ayikho isakhiwo se-regulatory noma yebhizinisi yegama le-asset, futhi kunezinto I-crypto asset ye-transaction ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset ye-crypto asset. Kukho izincwadi ezimbonini futhi izincwadi ezinikezele kumazwe zebhizinisi, abacwaningi, futhi abasebhizinisi mayelana nezinsizakalo zokulawula kanye nezinsizakalo ze-crypto assets ezahlukile. Nokho, kubalulekile ukufumana ubuchwepheshe asekelwe kanye nokushintshwa kwe-assets, futhi akuyona kuphela izinsizakalo zekhwalithi, ukuze zize ukulawula futhi zebhizinisi ngokuvamile. Ngokwesibonelo, izinhlelo ezifana indawo yokuhlanza i-Bitcoins kanye nezinsizakalo ze-crypto, kanye nezinsizakalo ezinikezelwa kumalungu ezihlukahlukene le-ecosystem kanye nenkampani yayo yokuthengisa zihlanganisa imibuzo emibi eziningana nezinsizakalo. Kub Ngaphezu kwalokho, imibuzo efana ne-Tax Treatment ye-Non-Fungible Tokens (NFTs) kanye ne-exact what the owner of an NFT gets ngokwemvelo, zihlanganisa ukucubungula kwabo. Le nqakraza kusiza ukuxhumanisa izakhiwo zobuchwepheshe le-asset class kuya iziganeko zebhizinisi zihlanganisa kanye nenkinga lokufaka ama-value economic kule-ecosystem, okuvumela izivakashi zebhizinisi zebhizinisi ngokuvamile ngokuvumelana nezinsizakalo zebhizinisi zokusebenza noma ezinye izinsizakalo ezithile noma izincazelo ze-crypto assets. It futhi kusiza ukwaningi umthamo zabo zebhizinisi kusuka ku-data e-crypto asset transactions. Ngokuvamile, i-Bitcoin Blockchain inikeza izinzuzo ezithakazelisayo ezivela ku-quantum computing. Izigaba ezidlulile zihlanganisa i-Ethereum kanye nokuguqulwa kokuvamile ku-proof-of-stake consensus mechanism. I-discussion ikakhulukazi ukuxhumanisa ubuchwepheshe ebonakalayo nezimpendulo zokulawula nezimali. I-Bitcoin Blockchain inikeza futhi inikeza ukuthi umbhali akufuna ukuthi kungcono ukuthi isinyathelo se-regulatory noma yokulawula esifanelekayo esebenzayo kwinkqubo esidumile esidumile, kungenzeka ukuthi akufanele ekusebenzayo kumadivayisi we-crypto. Umbhali uqukethe izimpendulo zomthetho kanye nezinsizakalo eziningana nezimo ezivamile ze-crypto assets ukuze zithole abacwaningi abacwaningi ukuhlola izindlela eziningana ezisetshenziselwa ukuhlangabezana le-asset class. Ngokwesibonelo, isicelo se-law enikezelo se-Decentralized Application yokufinyelela umphakeli we-beneficial owner ye-crypto asset address eyodwa kungabangela isicelo ukucubungula ngenxa ye-technological kuphela. Ukuhlola ubuchwepheshe esisekelwe kubalulekile futhi ukudala amaphepha esebenzayo futhi asebenzayo yokuvimbela le ubuchwepheshe kusuka ku-abuso yayo esithakazelisayo yokuthintana kwezimali, ukucubungula imali, ukuphathwa kwe-terror, Okuzenzakalelayo iyatholakala ku-archiv ngaphansi kwe-license CC BY 4.0 DEED. Okuzenzakalelayo iyatholakala ku-archiv ngaphansi kwe-license CC BY 4.0 DEED. I-Archive ye-Archive A trustless system is one in which the participants do not need to trust a third party or each other for the system to function as intended. *The author belongs to the Indian Revenue Service and is currently working as a Joint Commissioner at the Tax Policy Research Unit, Department of Revenue, Government of India. Email: misra.arindam@gov.in **This paper is not a legal or investment guide or advice and is purely academic in nature. Readers should draw their own legal conclusions and investment decisions regarding Crypto Assets and their Taxation. *** The findings, interpretations, and conclusions expressed herein are those of the author and do not necessarily reflect the views of the Government of India. This paper represents the personal views of the author only, not the views of the Government of India. The author accepts sole responsibility for any errors. **** Readers are advised not to send any Crypto Assets to any public addresses given in the paper, the author is not responsible for loss of any Crypto Assets due to any such actions. Smart Contracts are analogous to automated agreements stored on the Blockchain which can accept or release crypto assets or perform certain actions when certain conditions specified in the form of code are met Solana: Better Than Your Credit Card? https://hbr.org/2022/05/how-digital-currencies-can-help-small-businesses Non-Custodial wallets allow users to have full ownership of their crypto assets without relying on any central custodian of the secret keys corresponding to the crypto assets
