DFDL’s Jack Sheehan, Tony Campbell, and Kunal Sachdev served as keynote speakers at an event addressing the cryptocurrency revolution (with Bitcoin now breaching the USD 11,000 mark and becoming one of the most discussed topics of recent times), and the exciting opportunities and potential legal and tax risks that this emerging (but disruptive) technology holds in store.
The overall aims of the forum were to foster greater participation by Irish enterprises in the South East Asian marketplace, and it featured several prominent delegates including Ruairi Quinn, former Irish Minister of Finance and Education, His Excellency Brendan Rogers, Irish Ambassador to Thailand, and Ciaran Corkery, CEO Kerry Group to name but a few.
DFDL’s presentation was introduced by Tony Campbell, who provided an enthusiastic overview on cryptocurrency, its interplay with conventional forms of money as we know them today and the prospects that this new technology holds in terms of how we transact with one another.
Kunal Sachdev then comprehensively and concisely explained the ingenious underlying technology at the heart of cryptocurrencies, the blockchain, while offering astute and wide-ranging analysis on the various governmental legislative responses to regulate this disruptive new technology and the potential effects to the traditional banking and finance sectors.
Jack Sheehan closed DFDL presentation by addressing the tax implications of investing in and conducting transactions in crypto-currency. Jack Sheehan detailed the best methods on how to invest in crypto-currencies from a cross-border taxation perspective, and how to ensure full compliance with local tax laws and multilateral treaties. The talk ended with participants receiving tips from DFDL on best practices when investing or conducting transactions in crypto-currency.
Over 240 guests attended this event, and DFDL’s participation was widely recognized and commented upon by those present, for its interesting, accessible, and matter-of-fact treatment of crypto-currencies, and the huge potential it has to revolutionize the way we use money and do business.
Do watch this space for more information on the regulatory and tax aspects of cryptocurrency and FinTech in the ASEAN region.
Should you have any questions in regard to the above, please do not hesitate to contact us.
DFDL Contact:
Jack Sheehan, Head of Regional Tax Practice
Jack.Sheehan@dfdl.com
Antony Campbell, Director of Professional Development
Antony.Campbell@dfdl.com
Kunal Sachdev, Regional Legal Adviser
Kunal@dfdl.com
