Classification of coins and tokens under supervisory law
Currently there is no legally recognised classification of tokens, neither in Austria nor on a European or international level. The literature differentiates between three different types: Security / Investment Tokens (hereafter referred to as “Security Tokens”) Payment / Currency Tokens…
Activities requiring a licence that players are required to obtain
Austrian Banking Act (BWG; Bankwesengesetz) deposit-taking business Where capital is not collected in the form of crypto assets, but are instead collected in the form of a currency that is legal tender and the ICO foresees the repayment of…
- Austria, Compliance, Cyprus, EU VAT, Germany, Ireland, Jurisdictions, Malta, Tax Compliance, Taxation, United Kingdom, VAT & Sales Tax
- December 12, 2014
EU VAT Changes 2015
There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.