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Belgian authorities can confiscate virtual currencies that have been illegally obtained in the course of criminal infractions, just as they can confiscate other illegally obtained assets. The question that arises is what can or should a government do with such sum of virtual currencies? Should they be forfeited, and, if so, when should they be sold? On 2 March , Koen Metsu asked the Ministry of Justice how many Bitcoins the government has confiscated since January and whether the government made a loss on the confiscated Bitcoins after confiscating them.

According to the Ministry of Justice, the Belgian Public Prosecutor is handling hundreds of files concerning virtual currencies, and in at least 10 cases virtual currencies have been seized. However, the Ministry of Justice's response to the parliamentary question did not mention the actual forfeiture of such virtual currencies, but only that 'the law on the missions and composition of the Central Organisation for Seizure and Confiscation COIV , voted on 18 January , provides that the COIV can manage confiscated virtual values'.

The number of cryptocurrency owners is drastically increasing, and it is estimated that around 20 million users own Bitcoins. Because of significant price fluctuations in particular, cryptocurrency owners might make considerable gains or losses on their initial investment. Cryptocurrencies raise important taxation issues, especially in relation to personal income tax and VAT.

Capital gains made by a Belgian resident from the sale of cryptocurrencies are not dealt with specifically in the Belgian Income Tax Code If a person's professional occupation is trading cryptocurrencies, the profits generated from this occupation will be taxed as professional income, and will therefore be subject to the progressive tax rates that range between 25 and 50 per cent in Belgium. If, to the contrary, a Belgian resident makes gains on cryptocurrency transactions outside of the scope of his or her professional activity, he or she will benefit from a tax exemption on those gains, but only on condition that the transaction is realised within the boundaries of the normal management of his or her private estate.

The question on whether a transaction is considered to be realised within that normal management is one based purely on facts. The Belgian courts generally describe normal management' as a conservative, risk-averse and unsophisticated management. If gains resulting from cryptocurrency investments are made outside the scope of this normal management or derive from speculative transactions, they will be taxed as miscellaneous income, hence at a fixed rate of 33 per cent.

It would probably be excessive to conclude that an investment in cryptocurrencies is always speculative because it is volatile, and as such, it implies a certain level of risk. The speculative nature of an investment in cryptocurrencies should always be assessed having regard to all the facts on a case-by-case basis. Indicators of speculation could be, for instance, the very short term of investments, the repetition of cryptocurrency transactions, the financing of the cryptocurrency investment through loans or the investment of large sums of money compared to the value of a Belgian resident's entire estate.

Needless to say, situations are never as straightforward in practice. As there is a large grey area between the speculative world and the normal management of a person's estate, in practice, taxpayers often apply for tax rulings to obtain legal certainty on the tax treatment of the gains made on their private assets such as shares.

The same applies for cryptocurrency gains. As a practical example, the Belgian Ruling Commission rendered a decision on 5 December regarding the tax treatment of the capital gains made by a student who developed a software application that automatically traded cryptocurrencies. The Ruling Commission held that the gains made from the sale of Bitcoins through a developed software application 'should not be considered as professional income within the meaning of Article 23 of the Belgian Income Tax Code but, in view of their speculative nature, are taxable as miscellaneous income within the meaning of Article 90 1 of the Belgian Income Tax Code'.

It published a virtual currency questionnaire to be filled in by a taxpayer when he or she applies for a pre-filing request in relation to transfers of virtual currencies. The list contains 17 detailed and diverse questions, from the sum invested in virtual currencies to the frequency of the transactions and the current professional occupation of the taxpayer, as well as the reporting on social media of his or her activity on virtual currency groups.

At this time, considering that the information on virtual currency acquisitions and trading activities can only be found online on a user's cryptocurrency exchange account or cryptocurrency wallet instead of a bank account , the tax administration will most certainly encounter some practical difficulties in obtaining this information or assessing whether a taxpayer fully disclosed all the relevant information.

On 22 October , the Court of Justice of the European Union CJEU rendered a judgment in response to a request from the Swedish Supreme Administrative Court seeking clarification on the question of whether transactions on an online virtual currency exchange platform to exchange a traditional currency for a Bitcoin virtual currency, or vice versa, were subject to VAT.

According to the Court, this exemption for transactions involving currency, bank notes and coins used as legal tender also applies to non-traditional currencies. The Court emphasised that to interpret this provision as including only transactions involving traditional currencies would go against the context and aims of Article 1 e of the VAT Directive, because transactions involving non-traditional currencies that have been accepted by the parties to a transaction are also financial transactions.

Applying this judgment to this case, the Bitcoin transaction has no other purpose than to be used as a means of payment. Following this decision, Europeans can continue to buy Bitcoins using traditional currency without paying any VAT on these transactions. We hope that this approach will become adopted by countries outside the European Union, thereby further harmonising the taxation approach towards virtual currency transactions.

Whereas GDPR aims to protect EU citizens from privacy and data breaches, blockchain technology was designed so that data could be stored on a distributed ledger in an incorruptible way, and accessible for the public to see. The articulation of GDPR and blockchain technology raises several compatibility questions. One question centres around certain data subject access rights.

Pertaining to the right to be forgotten, the GDPR reads that 'the data subject shall have the right to obtain from the controller the erasure of personal data concerning him or her', and the right to rectification, which reads that 'the data subject shall have the right to obtain from the controller without undue delay the rectification of inaccurate personal data concerning him or her'.

It is thus possible that personal data contained in smart contracts or virtual currency transactions cannot be erased or rectified, thereby violating the data subject's rights under the GDPR. How can this obligation be complied with if virtual currency transactions using distributed ledger technology are to be verified by other users nodes that could be located outside the EEA, and the information on the blockchain can be accessed by anyone with an internet connection from anywhere in the world?

Although both GDPR and blockchain technology are promising initiatives, certain obligations under GDPR could pose some challenges to companies deploying blockchain technology or to virtual currency companies.

However, we are hopeful that the necessary technical solutions will be adopted in time to resolve these challenges. Whenever legal uncertainty hinders the development and adoption of legislation on virtual currencies, authorities and market regulators should provide the necessary clarification, or adopt new regulations that balance the rights and interests of all virtual currency market participants. As discussed throughout this chapter, the Belgian authorities have not yet implemented specific legislation on virtual currencies; nor did the FSMA provide clear guidance on how virtual currencies fit within existing legislation.

It could be argued that this legislative inertia is attributable to the very limited interest that Belgian investors have shown regarding Bitcoin and other virtual currencies compared to investors in other fintech-friendly jurisdictions, such as Switzerland and Germany. Nevertheless, this position is gradually changing considering the increasing number of parliamentary questions relating to virtual currencies that have been filed in recent years and that have been discussed in more detail throughout this chapter.

Given the transnational nature of virtual currencies as a global phenomenon, we believe that virtual currencies are best regulated by transnational or international instruments. However, apart from AMLD5, there is no specific legislation that addresses the opportunities or threats of cryptocurrencies.

Virtual currencies were discussed in March by G20 members, and several reports have been commissioned. Some G20 countries even identified virtual currencies regulation as a priority for , and this position was reaffirmed at the G20 summit in Japan. For the purpose of this chapter, the latter utility and investment instruments are referred to as 'tokens'. The same applies for unidirectional scheme virtual currencies, which have a limited transferability and cannot be redeemed back into legal tender.

Even though virtual currencies are not considered e-money, it is interesting to see that some actors, such as the exchange platform Coinbase, have taken a proactive stance towards the regulatory framework on e-money. Article PSD II provides for full harmonisation, namely that 'member states can neither keep nor introduce provisions that are different from those contained in the Directive', which entails that EU legislation in relation to payment services is fully harmonised throughout the EU.

Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account; 2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account; 3. Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider: a execution of direct debits, including one-off direct debits; b execution of payment transactions through a payment card or a similar device; c execution of credit transfers, including standing orders; 4.

Execution of payment transactions where the funds are covered by a credit line for a payment service user: a execution of direct debits, including one-off direct debits; b execution of payment transactions through a payment card or a similar device; c execution of credit transfers, including standing orders; 5. Money remittance; 7. Payment initiation services; 8. Account information services.

Together with other information that is stored outside of the Bitcoin protocol, certain transactions can therefore be properly traced back to identifiable persons. The anonymity that Bitcoin and certain other virtual currency offer is only partially anonymous; it is better to speak of a pseudo-anonymous than an anonymous one system: T Spaas and M Van Roey, 'Quo Vadis Bitcoin?

Because of the lack of clarity as to which legislation applies to virtual currency exchanges, they seem to take a very cautious stance. On the website of Kraken, the exchange states that 'Bitcoin's legal status is still being defined, but Kraken takes a highly proactive and informed approach to ensuring legal compliance', and 'our approach is to operate conservatively, entirely within the bounds of current law, and to constantly monitor regulatory developments so that we can anticipate changes before they occur'.

Those who have unlawfully received some or all of the items taken, diverted, or obtained by means of a crime or other offense [. The Act of 25 December amending the Act of 5 March on the surcharges on criminal fines stipulates that as from 1 January , criminal fines are to be multiplied by a factor of eight instead of six.

B, q. The CJEU went on to recall that the supply of services is affected for consideration only if there is a direct link between the services supplied and the consideration received. See Section II. See parliamentary questions No. B ; No. The Asset Tracing and Recovery Review. The Aviation Law Review. The Banking Regulation Review. The Cartels and Leniency Review.

The Class Actions Law Review. The Corporate Governance Review. The Dominance and Monopolies Review. The Employment Law Review. The Energy Regulation and Markets Review. The Financial Technology Law Review. The Gambling Law Review. The Government Procurement Review. The Insurance Disputes Law Review. The Intellectual Property Review. The International Investigations Review. The Labour and Employment Disputes Review.

The Lending and Secured Finance Review. The Life Sciences Law Review. The Merger Control Review. The Patent Litigation Law Review. The Private Competition Enforcement Review. The Projects and Construction Review. The Public Competition Enforcement Review. The Tax Disputes and Litigation Review.

The Transfer Pricing Law Review. The Transport Finance Law Review. Editor Paul Dickson. This continues to be a period of change and uncertainty for the asset management industry, as funds and managers act to comply with regulatory developments and investor requirements, and adapt to the changing geopolitical landscape.

The world of asset management is increasingly complex, but it is hoped that this edition of The Asset Management Review will be a useful and practical companion as we face the challenges and opportunities of the coming year. Editor Thomas A Frick. The authors of this publication are from the most widely respected law firms in their jurisdictions. We hope that you will find their experience invaluable and enlightening when dealing with the varied issues fintech raises in the legal and regulatory field.

The emphasis of this book is on the law and practice of each of the jurisdictions, but discussion of emerging or unsettled issues has been provided where appropriate. Consumer choice for financial products and services is proliferating across global markets. The ability to reach consumers at any time on their mobile phones, tablets or other devices has helped attract substantial capital investment in consumer financial services.

This survey of consumer finance law describes the legal and regulatory approaches taken in the jurisdictions covered. Each chapter addresses the key characteristics of, and current climate within, a particular jurisdiction.

Although payments, lending and deposits are the focus of this survey, other financial products and services are discussed where relevant. Editor Jeffrey Golden. This book serves two purposes — one obvious, but the other possibly less so. The second purpose this book aims to serve is to equip its readers to do a better job as practitioners at home. Editor Marc P Hanrahan. Leveraged finance, particularly with respect to acquisition financing, has been an expanding asset class for many years. This volume is intended to introduce the newcomer to the legal basics involved in leveraged finance, particularly acquisition finance, so that he or she is grounded in the underpinnings of the practice area.

It is also intended to be a helpful update for the more seasoned practitioner with respect to what is new and what is being talked about in leveraged finance deals. Editor Michael Urschel. In this second edition we aim to provide securitisation attorneys, borrowers, lenders and other market participants with insight into a sample of structural frameworks and regulatory issues surrounding the industry in a broad array of jurisdictions—including a number of jurisdictions new to this edition.

This edition is not intended to be a comprehensive overview of securitisation regulation and structures in every jurisdiction, but rather to provide a frame of reference for, and a comparison of, the various structural features available and the regulatory considerations necessary in securitising assets globally. Editor Azadeh Nassiri. This sixth edition contains contributions from leading practitioners in 25 different countries.

We would like to thank each of the contributors for taking the time to share their expertise on the developments in the corporate lending and secured finance markets in their respective jurisdictions, and on the challenges and opportunities facing market participants. Editor Dominic McCahill. We are very pleased to present this thirteenth edition of The Restructuring Review.

As with the previous editions, our intention is to help general counsel, government agencies and private practice lawyers understand the conditions that have been prevailing in the global restructuring market in and to highlight some of the more significant legal and commercial developments and trends during that period. Editor Harry Theochari.

Norton Rose Fulbright. The Transport Finance Law Review is intended to provide the industry with a guide to transport finance today, in each of the key jurisdictions globally in which aircraft, rolling stock and ships are financed. The aviation, rail and shipping industries each have their own unique characteristics and need lawyers with a deep understanding of how each of these complex industries operates.

We have sought contributions from jurisdictions that play a leading role in the financing of transport assets. Each chapter provides an overview of the transport finance industry in these jurisdictions. Despite the significant growth of the global structured products market in recent years and the continuing evolution of the global regulatory framework, very few books on legal and regulatory issues related to structured products are available.

Our first edition last year was meant to cover that gap and we hope that this second edition will continue to further the knowledge base of legal practitioners and other structured products market participants. Editors John Dewar and Munib Hussain. The chapters that follow describe the manner in which Islamic, or shariah-compliant, finance is practised in various jurisdictions throughout the world. Although each country will have variations, one of the most striking features of Islamic finance as a legal discipline is that it includes core concepts and structures that cross jurisdictional boundaries.

The chapters in this book illustrate the dynamic manner in which Islamic finance has adapted and continues to develop globally. Editors Steve Edge and Dominic Robertson. This publication aims to give readers a high-level overview of the principal transfer pricing rules in each country covered in the Review.

Editor Jan Putnis. This edition covers 37 countries and territories in addition to the chapters on international initiatives and the European Union. Center for Global Development Policy Paper. Easley, D. From mining to markets: The evolution of Bitcoin transaction fees. Journal of Financial Economics. Huberman, G. Monopoly without a monopolist: An economic analysis of the Bitcoin payment system.

Kasahara, S. Effect of Bitcoin fee on transaction-confirmation process. Journal of Industrial and Management Optimization. Transaction queue game in Bitcoin Blockchain. Houy, N. The economics of Bitcoin transaction fees. Yuan, Y. Blockchain: The state of the art and future trends. Acta Automatica Sinica , 42 4 , — Google Scholar. Parallel blockchain: Concept. Eyal, I.

Majority is not enough: Bitcoin mining is vulnerable. In International conference on financial cryptography and data security pp. Berlin: Springer. Kaskaloglu, K. Near zero Bitcoin transaction fees cannot last forever. In The international conference on digital security and forensics pp. Back, A. Hashcash: A denial of service counter-measure. Moser, M. Trends, tips, tolls.

A longitudinal study of Bitcoin transaction fees. Davidson, S. Economics of Blockchain. Catalini, C. Some simple economics of the blockchain. Csoka, P. Decentralized clearing in financial networks. Management Science. Kroll, J. The economics of Bitcoin mining, or Bitcoin in the presence of adversaries. In Proceedings of Weis.

Lavi, R. In The world wide web conference pp. New York: ACM. Iyidogan, E. Economic model of blockchain based cryptocurrencies. Chalkias, K. Going beyond the coinbase transaction fee: Alternative reward schemes for miners in blockchain systems. In Pan-Hellenic conference on informatics p. Berlin: ACM. Wong, J. New study: Low Bitcoin transaction fees unsustainable.

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LITHUANIA UKIO BANKAS INVESTMENT

Bitcoin: A peer-to-peer electronic cash system. Croman, K. On scaling decentralized blockchains. Gudgeon, L. Sok: Off the chain transactions. Google Scholar. Mingxiao, D. A review on consensus algorithm of blockchain. Franco, P. Understanding Bitcoin Wiley Online Library, Poon, J. Seres, I. Barrat, A. Dynamical processes on complex networks Cambridge University Press, Albert, R. Error and attack tolerance of complex networks.

Nature , Cohen, R. Resilience of the Internet to random breakdowns. Rohrer, E. How to charge lightning. A cryptoeconomic traffic analysis of Bitcoins lightning network. Antonopoulos, A. Orcutt, M. How secure is blockchain really. MIT Technology Review Easley, D. From mining to markets: The evolution of Bitcoin transaction fees. Financial Econ. Houy, N. The economics of Bitcoin transaction fees. Decker, C. Information propagation in the Bitcoin network.

Pappalardo, G. Blockchain inefficiency in the Bitcoin peers network. EPJ Data Science 7 , 30 Bovet, A. Network-based indicators of Bitcoin bubbles. The evolving liaisons between the transaction networks of Bitcoin and its price dynamics.

Lischke, M. Analyzing the Bitcoin network: The first four years. Internet 8 , 7 Kondor, D. Do the rich get richer? Plos One 9 , e Ciaian, P. The economics of Bitcoin price formation. Cong, L. Tokenomics: Dynamic adoption and valuation. Columbia Business School Research Paper Bartolucci, S. A model of the optimal selection of crypto assets. Alessandretti, L. Anticipating cryptocurrency prices using machine learning.

Complexity Article ID Bitcoin market route to maturity? Evidence from return fluctuations, temporal correlations and multiscaling effects. Chaos: An Interdiscip. Nonlinear Sci. Signatures of crypto-currency market decoupling from the forex. Sigaki, H. Clustering patterns in efficiency and the coming-of-age of the cryptocurrency market.

Urquhart, A. The inefficiency of Bitcoin. Machine learning the cryptocurrency market. Available at SSRN ElBahrawy, A. Evolutionary dynamics of the cryptocurrency market. Royal Soc. Open Sci. Cocco, L. Using an artificial financial market for studying a cryptocurrency market. Aste, T. Cryptocurrency market structure: connecting emotions and economics. Finance 1 , 5—21 Abraham, J.

Cryptocurrency price prediction using tweet volumes and sentiment analysis. SMU Data Sci. Kim, Y. Predicting fluctuations in cryptocurrency transactions based on user comments and replies. Li, T. Sentiment-based prediction of alternative cryptocurrency price fluctuations using gradient boosting tree model.

Kristoufek, L. Bitcoin meets Google trends and Wikipedia: Quantifying the relationship between phenomena of the Internet era. Garcia, D. The digital traces of bubbles: feedback cycles between socio-economic signals in the Bitcoin economy. Interface 11 , Chen, C. Sentiment-induced bubbles in the cryptocurrency market. Risk Financial Manag. Yelowitz, A. Characteristics of Bitcoin users: an analysis of Google search data. Lin, J. Lightning network: a second path towards centralisation of the bitcoin economy.

Callaway, D. Network robustness and fragility: Percolation on random graphs. Hoppe, K. Percolation on fitness-dependent networks with heterogeneous resilience. E 90 , Caldarelli, G. Scale-free networks from varying vertex intrinsic fitness. Servedio, V. Vertex intrinsic fitness: How to produce arbitrary scale-free networks. E 70 , Bianconi, G. Competition and multiscaling in evolving networks. EPL Europhysics Lett. Newman, M.

Random graphs with arbitrary degree distributions and their applications. E 64 , Component sizes in networks with arbitrary degree distributions. E 76 , Dorogovtsev, S. Critical phenomena in complex networks. Cormen, T. Introduction to algorithms MIT press, Smolyarenko, I. Network growth model with intrinsic vertex fitness. E 88 , Download references. Correspondence to Pierpaolo Vivo. Reprints and Permissions. A percolation model for the emergence of the Bitcoin Lightning Network.

Sci Rep 10, Download citation. Received : 07 January Accepted : 17 February Published : 11 March New Journal of Physics By submitting a comment you agree to abide by our Terms and Community Guidelines. If you find something abusive or that does not comply with our terms or guidelines please flag it as inappropriate.

Advanced search. Sign up for the Nature Briefing newsletter — what matters in science, free to your inbox daily. Skip to main content Thank you for visiting nature. Download PDF. Subjects Applied mathematics Complex networks. However, the following is a brief overview of whether virtual currency exchanges would fall under one of the following Belgian laws.

Virtual currency exchanges currently do not fall under the AML Act, but some of them will be seen as obliged entities within the scope of AMLD5, which is expected to be implemented into Belgian law in The amended AML Act will not apply to all virtual currency exchanges, however, as it lists only providers engaged in exchange services between virtual currencies and fiat currencies as obliged entities.

Virtual currency exchanges such as Binance, 73 which only allow users to buy and sell virtual currencies using Bitcoin or Ether, will not be subject to the AML obligations. Since virtual currencies fall outside the scope of the EU and Belgian legal framework concerning e-money, the E-money Act does not apply to virtual currency exchanges. These two pieces of legislation could apply to exchanges if a certain bidirectional scheme virtual currency was seen as a financial instrument, and if a virtual currency exchange offers investment services or activities in relation to this financial instrument: for example, the reception and transmission of orders in relation to one or more financial instruments.

Although no guidance from the FSMA or NBB has been given on the issue, it is likely that certain virtual currency trading platforms, exchange services and virtual currency investment companies already provide such activities, so they could fall within the scope of these two laws. The fact that the virtual currency exchange Blocktrade. The Belgian crypto exchange Bit4you SA, on the other hand, has a different view on the matter. On its website, Bit4you states that its 'first activities launched on 29 August are not subject to any licence under the current Belgian and European legislation'.

In its terms and conditions, it does, however, proactively implement AML and KYC procedures, even though, as explained in subsection i, virtual currency exchange platforms are currently not subject to the AML Act. Both institutions admit to having spoken to the company, but concluded that the services offered by Bit4you fall outside their respective competences considering that the direct purchase or sale of virtual currencies is not regulated in Belgium.

Miners play an important role in virtual currencies networks. The core activity of miners is validating virtual currency transactions by solving a cryptographic puzzle for which they use specialised mining hardware. In return for this, or as a reward, they get a sum of newly mined virtual currencies. In some cases, miners can earn additional transaction fees from users that require faster confirmation of a transaction.

There is no specific Belgian legislation that regulates miners' activities. Nevertheless, any natural person or legal entity that earns money through mining activities could still be subject to Belgian tax law, and might have to pay personal or corporate income taxes. For the sake of this chapter, and taking into account the wide adoption of the term ICO, we will collectively refer to the different kinds of public sales of crypto instruments as ICOs. According to the FSMA, ICOs are operations through which 'project developers offer digital tokens to the public via the internet as a way of funding the development of the project'.

Although ICOs resemble initial public offerings and crowdfunding campaigns to a considerable degree, ICOs are still largely unregulated and are often carried out by companies without any proven track record or a viable product, which makes them risky investments. It should be underlined that the success of virtual currency companies in Belgium is very relative compared to other jurisdictions such as Switzerland or Germany.

To date, there has not yet been an ICO conducted out of Belgium, although the increase in ICO activity and in virtual currency awareness will definitely affect Belgium in the coming years. At present, there is no specific legislation aimed at ICOs, so there are no ICO-specific regulatory requirements for companies that are planning a token sale in Belgium.

However, existing legislation often has a wide scope that might apply to ICOs. This is the current stance of the FSMA, and also that of other financial market authorities throughout the world. The FSMA did not want to exclude any law a priori. For example, ICO issuers fall outside the scope of application of the AML Act, despite the Belgian legislature's adoption of the AMLD5 amendments that consider only virtual currency exchange platforms and custodian wallet providers to be obliged entities.

Under the existing law, these alternative investments are defined as 'the service consisting of marketing investment instruments via a website or any other electronic means issued by corporate issuers'. In addition, in most cases, it is not the ICO issuer but rather an intermediary third-party company e. In conclusion, it seems that the principal legislation that ICO issuers should comply with when launching a virtual currency that could be considered an investment instrument on the Belgian market is the Prospectus Act.

This prospectus document must be approved by the FSMA before it is made available to the public. It should notably include a 'short description of the risks related to the investment concerned and the essential characteristics of this investment, including all rights attached to securities' and 'the reasons behind the offer and the intended use of the funds collected'. Virtual currencies are susceptible to misuse as part of criminal activities, and the exponential increase in the value of virtual currencies has not gone unnoticed by cybercriminals.

In Belgium alone, there were more than cases of Bitcoin-related scams or thefts during , a number that was surpassed in the first five months of with more than complaints. To date, no specific criminal legislation concerning virtual currencies has been adopted in Belgium. Unlike other jurisdictions, the legal use of those currencies is not prohibited in Belgium.

Under the general Belgian law provisions, there are at least three criminal infractions that could apply to illegal activity relating to virtual currencies. The first criminal offence is common theft, which is covered by Article of the Belgian Criminal Code, which states that 'anyone who fraudulently appropriates anything that does not belong to him is guilty of theft'. The second criminal offence is a scam as prohibited under Article of the Criminal Code, which could also be very relevant with respect to virtual currencies.

A scammer is defined as a person who:. This description covers a wide range of situations that could apply to the rigged sale of virtual currencies, and to fake trading platforms and virtual currency exchanges. As an example of this wide coverage, the FSMA, following numerous complaints from Belgian citizens, published a blacklist of virtual currency trading platforms that are suspected of scamming people into investing money for virtual currencies via an exchange where those people never really received any virtual currencies in return or their money back.

The third criminal offence relates to money laundering as prohibited under Article of the Criminal Code. Given the advantages that virtual currencies notably their relative anonymity represent for criminals in conducting their illegal activities, Article , and the seizures of assets it can lead to, is one of the most useful provision of the Criminal Code to fight illegal uses of those currencies.

The Belgian legislature enacted specific pieces of legislation regarding computer-related infractions that are actually more suitable for prosecuting any criminal activity involving virtual currencies. First, the infraction known as unauthorised access to computer systems also known as hacking can apply if a person accesses a computer system and he or she knows that the access was unauthorised Article bis , first paragraph, Criminal Code.

Second, the hacker might commit the infraction known as concealment of data Article bis , third paragraph, Criminal Code at the same time if he or she processes or transfers data that was stored on a third-party computer system or that was treated or transmitted by the third-party computer system.

A third infraction under Belgian law is computer-related fraud, which applies to anyone who, with fraudulent intent, obtains an unfair economic advantage while altering, changing or deleting data that is stored on or transmitted by a computer system.

To illustrate, the above-mentioned infractions could apply to a hacker who gains unauthorised access to a virtual currency user's personal computer and virtual currency wallet unauthorised access to computer systems or hacking for the purpose of copying the virtual currency user's private key concealment of data to ultimately transfer the virtual currencies stored in the user's wallet to the hacker's personal wallet, which would amount to computer-related fraud computer-related fraud.

Belgian authorities can confiscate virtual currencies that have been illegally obtained in the course of criminal infractions, just as they can confiscate other illegally obtained assets. The question that arises is what can or should a government do with such sum of virtual currencies? Should they be forfeited, and, if so, when should they be sold? On 2 March , Koen Metsu asked the Ministry of Justice how many Bitcoins the government has confiscated since January and whether the government made a loss on the confiscated Bitcoins after confiscating them.

According to the Ministry of Justice, the Belgian Public Prosecutor is handling hundreds of files concerning virtual currencies, and in at least 10 cases virtual currencies have been seized. However, the Ministry of Justice's response to the parliamentary question did not mention the actual forfeiture of such virtual currencies, but only that 'the law on the missions and composition of the Central Organisation for Seizure and Confiscation COIV , voted on 18 January , provides that the COIV can manage confiscated virtual values'.

The number of cryptocurrency owners is drastically increasing, and it is estimated that around 20 million users own Bitcoins. Because of significant price fluctuations in particular, cryptocurrency owners might make considerable gains or losses on their initial investment. Cryptocurrencies raise important taxation issues, especially in relation to personal income tax and VAT.

Capital gains made by a Belgian resident from the sale of cryptocurrencies are not dealt with specifically in the Belgian Income Tax Code If a person's professional occupation is trading cryptocurrencies, the profits generated from this occupation will be taxed as professional income, and will therefore be subject to the progressive tax rates that range between 25 and 50 per cent in Belgium. If, to the contrary, a Belgian resident makes gains on cryptocurrency transactions outside of the scope of his or her professional activity, he or she will benefit from a tax exemption on those gains, but only on condition that the transaction is realised within the boundaries of the normal management of his or her private estate.

The question on whether a transaction is considered to be realised within that normal management is one based purely on facts. The Belgian courts generally describe normal management' as a conservative, risk-averse and unsophisticated management. If gains resulting from cryptocurrency investments are made outside the scope of this normal management or derive from speculative transactions, they will be taxed as miscellaneous income, hence at a fixed rate of 33 per cent.

It would probably be excessive to conclude that an investment in cryptocurrencies is always speculative because it is volatile, and as such, it implies a certain level of risk. The speculative nature of an investment in cryptocurrencies should always be assessed having regard to all the facts on a case-by-case basis.

Indicators of speculation could be, for instance, the very short term of investments, the repetition of cryptocurrency transactions, the financing of the cryptocurrency investment through loans or the investment of large sums of money compared to the value of a Belgian resident's entire estate.

Needless to say, situations are never as straightforward in practice. As there is a large grey area between the speculative world and the normal management of a person's estate, in practice, taxpayers often apply for tax rulings to obtain legal certainty on the tax treatment of the gains made on their private assets such as shares.

The same applies for cryptocurrency gains. As a practical example, the Belgian Ruling Commission rendered a decision on 5 December regarding the tax treatment of the capital gains made by a student who developed a software application that automatically traded cryptocurrencies. The Ruling Commission held that the gains made from the sale of Bitcoins through a developed software application 'should not be considered as professional income within the meaning of Article 23 of the Belgian Income Tax Code but, in view of their speculative nature, are taxable as miscellaneous income within the meaning of Article 90 1 of the Belgian Income Tax Code'.

It published a virtual currency questionnaire to be filled in by a taxpayer when he or she applies for a pre-filing request in relation to transfers of virtual currencies. The list contains 17 detailed and diverse questions, from the sum invested in virtual currencies to the frequency of the transactions and the current professional occupation of the taxpayer, as well as the reporting on social media of his or her activity on virtual currency groups.

At this time, considering that the information on virtual currency acquisitions and trading activities can only be found online on a user's cryptocurrency exchange account or cryptocurrency wallet instead of a bank account , the tax administration will most certainly encounter some practical difficulties in obtaining this information or assessing whether a taxpayer fully disclosed all the relevant information.

On 22 October , the Court of Justice of the European Union CJEU rendered a judgment in response to a request from the Swedish Supreme Administrative Court seeking clarification on the question of whether transactions on an online virtual currency exchange platform to exchange a traditional currency for a Bitcoin virtual currency, or vice versa, were subject to VAT. According to the Court, this exemption for transactions involving currency, bank notes and coins used as legal tender also applies to non-traditional currencies.

The Court emphasised that to interpret this provision as including only transactions involving traditional currencies would go against the context and aims of Article 1 e of the VAT Directive, because transactions involving non-traditional currencies that have been accepted by the parties to a transaction are also financial transactions. Applying this judgment to this case, the Bitcoin transaction has no other purpose than to be used as a means of payment.

Following this decision, Europeans can continue to buy Bitcoins using traditional currency without paying any VAT on these transactions. We hope that this approach will become adopted by countries outside the European Union, thereby further harmonising the taxation approach towards virtual currency transactions.

Whereas GDPR aims to protect EU citizens from privacy and data breaches, blockchain technology was designed so that data could be stored on a distributed ledger in an incorruptible way, and accessible for the public to see. The articulation of GDPR and blockchain technology raises several compatibility questions. One question centres around certain data subject access rights. Pertaining to the right to be forgotten, the GDPR reads that 'the data subject shall have the right to obtain from the controller the erasure of personal data concerning him or her', and the right to rectification, which reads that 'the data subject shall have the right to obtain from the controller without undue delay the rectification of inaccurate personal data concerning him or her'.

It is thus possible that personal data contained in smart contracts or virtual currency transactions cannot be erased or rectified, thereby violating the data subject's rights under the GDPR. How can this obligation be complied with if virtual currency transactions using distributed ledger technology are to be verified by other users nodes that could be located outside the EEA, and the information on the blockchain can be accessed by anyone with an internet connection from anywhere in the world?

Although both GDPR and blockchain technology are promising initiatives, certain obligations under GDPR could pose some challenges to companies deploying blockchain technology or to virtual currency companies. However, we are hopeful that the necessary technical solutions will be adopted in time to resolve these challenges.

Whenever legal uncertainty hinders the development and adoption of legislation on virtual currencies, authorities and market regulators should provide the necessary clarification, or adopt new regulations that balance the rights and interests of all virtual currency market participants.

As discussed throughout this chapter, the Belgian authorities have not yet implemented specific legislation on virtual currencies; nor did the FSMA provide clear guidance on how virtual currencies fit within existing legislation. It could be argued that this legislative inertia is attributable to the very limited interest that Belgian investors have shown regarding Bitcoin and other virtual currencies compared to investors in other fintech-friendly jurisdictions, such as Switzerland and Germany.

Nevertheless, this position is gradually changing considering the increasing number of parliamentary questions relating to virtual currencies that have been filed in recent years and that have been discussed in more detail throughout this chapter. Given the transnational nature of virtual currencies as a global phenomenon, we believe that virtual currencies are best regulated by transnational or international instruments. However, apart from AMLD5, there is no specific legislation that addresses the opportunities or threats of cryptocurrencies.

Virtual currencies were discussed in March by G20 members, and several reports have been commissioned. Some G20 countries even identified virtual currencies regulation as a priority for , and this position was reaffirmed at the G20 summit in Japan. For the purpose of this chapter, the latter utility and investment instruments are referred to as 'tokens'. The same applies for unidirectional scheme virtual currencies, which have a limited transferability and cannot be redeemed back into legal tender.

Even though virtual currencies are not considered e-money, it is interesting to see that some actors, such as the exchange platform Coinbase, have taken a proactive stance towards the regulatory framework on e-money. Article PSD II provides for full harmonisation, namely that 'member states can neither keep nor introduce provisions that are different from those contained in the Directive', which entails that EU legislation in relation to payment services is fully harmonised throughout the EU.

Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account; 2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account; 3.

Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider: a execution of direct debits, including one-off direct debits; b execution of payment transactions through a payment card or a similar device; c execution of credit transfers, including standing orders; 4.

Execution of payment transactions where the funds are covered by a credit line for a payment service user: a execution of direct debits, including one-off direct debits; b execution of payment transactions through a payment card or a similar device; c execution of credit transfers, including standing orders; 5. Money remittance; 7. Payment initiation services; 8. Account information services. Together with other information that is stored outside of the Bitcoin protocol, certain transactions can therefore be properly traced back to identifiable persons.

The anonymity that Bitcoin and certain other virtual currency offer is only partially anonymous; it is better to speak of a pseudo-anonymous than an anonymous one system: T Spaas and M Van Roey, 'Quo Vadis Bitcoin? Because of the lack of clarity as to which legislation applies to virtual currency exchanges, they seem to take a very cautious stance.

On the website of Kraken, the exchange states that 'Bitcoin's legal status is still being defined, but Kraken takes a highly proactive and informed approach to ensuring legal compliance', and 'our approach is to operate conservatively, entirely within the bounds of current law, and to constantly monitor regulatory developments so that we can anticipate changes before they occur'.

Those who have unlawfully received some or all of the items taken, diverted, or obtained by means of a crime or other offense [. The Act of 25 December amending the Act of 5 March on the surcharges on criminal fines stipulates that as from 1 January , criminal fines are to be multiplied by a factor of eight instead of six. B, q. The CJEU went on to recall that the supply of services is affected for consideration only if there is a direct link between the services supplied and the consideration received.

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Low 31F. High 37F. Mostly cloudy skies. Low around 30F. High 36F. Mostly cloudy skies with a few showers late. Low 32F. High 39F. High 46F. Winds SSW at 5 to 10 mph. Overcast with showers at times. Winds SW at 5 to 10 mph. Cloudy with occasional rain showers. Considerable cloudiness with occasional rain showers. Low 34F. Rain showers early mixing with snow showers late. Mostly cloudy with snow showers around in the morning.

Partly cloudy skies. Showers in the morning, then partly cloudy in the afternoon. Partly cloudy skies during the evening will give way to cloudy skies overnight. Some sun in the morning with increasing clouds during the afternoon. Mostly cloudy skies early will become partly cloudy late. Winds WSW at 5 to 10 mph. Showers in the morning with some clearing in the afternoon. Overcast with rain showers at times.

Mainly cloudy. Temps nearly steady in the upper 30s. Winds NW at 5 to 10 mph. A few rain showers early mixing with snow showers late. Low 33F. Winds NNW at 5 to 10 mph. Wintry Mix Icon. WNW 3 mph. UV Index 0 of Moonrise am. Moonset pm. Retrieved 21 April Lingua Franca blog.

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