It’s the third spring since the pandemic broke out in 2020 and tax season once again. What impact will evolving regulations have on the cryptocurrency assets in numerous investment portfolios? These regulation updates and tax implications have been top of mind, as investors consider what to include and how to include these items on their tax returns as well as how to participate in new investment opportunities such as NFTs.

HKANY (Hongkong Association of New York) has put together a webinar to address crypto trends and their securities and tax implications. Three high profile speakers from legal, regulatory, tax and crypto sectors will join the discussion: Brian Rowbotham, managing partner, SF global private clients service at Crowe; Eric Sibbitt, partner, corporate department at Paul Hastings; and Jess Tylor, founder at Aerpass.

Panelists will discuss the following topics:

 

1. Current updates and global trends of cryptocurrency and blockchain

Most coins are not securities, according to current definitions; they are just commodities. We will see further development of NFT globally, which is trending as a way to get around securities regulations.

 

2. Securities issues and proposed regulations for Cryptocurrency

In financial markets, a lot of regulations are focused on intermediaries and the US regulation environment is SEC-centric. Emerging legal issues that regulators continuously assess include NFTs, Stablecoins, Yield Products, DAOs and DeFi.

 

3. Investor and corporate tax planning challenges and structuring opportunities

Check IRS Crypto Classification for Crypto, Mining, Corporations and Foreign Taxpayers.

For investors, the timing for income recognition is important and IRS guidance is strongly recommended, especially when it pertains to NFT, which is a new tax classification and varies in buying and selling scenarios.

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AUTHOR

Tracy Lai

FinTech Consultant

Partner at LYSTAR GROUP

Tracy Lai provides strategic and business development solutions to executives, and entrepreneur. Her professional experience includes work at Fortune 500 companies including Intel and RBS, and startups. Her expertise covers business development, risk management, project management and investor relations, in Financial Services, FinTech, Innovation, Technology and Education. As management consultant and FinTech advisor, she holds multiple senior roles with focus on cross border and cross industry collaboration, including projects in US, Asia and Europe.