Analysis

Blockchain Havens Could Be Next Global Tax Challenge

Law360 (March 28, 2019, 8:14 PM EDT) -- As the international push to discourage tax avoidance and secrecy wages on, many countries that formerly marketed themselves as tax havens are now looking to become hubs of blockchain, the online ledger system used to record cryptocurrencies — and much more.

Blockchain, most commonly associated with bitcoin, may present new global tax challenge for governments. (AP) But while traditional tax havens still rely on banks and financial institutions to do business, the decentralized nature of blockchain may present an entirely new challenge for the international community.

Governments have regulated havens by enforcing rules against intermediaries that might use them. But blockchain, by design, avoids intermediaries....

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