Valletta or Vaduz? Following Malta, Liechtenstein also plans to pass a law on trusted blockchain technologies
Virtual currencies are a reality, but large countries have taken a conservative stance towards them, and have not legislated on this issue in their legal systems. Small countries, on the other hand, seeking a source of revenue, are trying to specialise to attract representatives of the world of new technologies and cryptocurrencies. The legislative initiatives taken recently by Malta and Liechtenstein are an example.
To mark the 30th anniversary of Wardyński & Partners, a debate was held on 7 December 2018 entitled “The right to unplug: Dignity, privacy and new technologies.” The panellists considered whether the right to internet access we have won should be followed by recognition of a right to be free from the internet.
Intensive developments in modern technologies and increasing globalisation are affecting all areas of life, including that of work. This is work meant in broad terms, not only in terms of its performance, but also recruitment and the mutual relations of employers and employees. Where is this all leading us?
When hackers exploited vulnerability due to software not being updated at a US credit agency, important data of millions of customers in the US, Canada, and the UK were leaked. The US federal authorities have launched an investigation that could lead to millions in fines. Bosses at the firm were questioned in a congressional hearing and the agency is facing the largest class action in US history. This sounds like the plot of a financial thriller, but the Equifax case did in fact happen and is a lesson for the future.
The Polish government is currently working on a completely new tax regime applicable to income from trading in cryptocurrencies (virtual currencies) for personal income tax and corporate income tax purposes. For PIT purposes, this income is to be taxed as income from cash capital at the rate of 19% regardless of whether the turnover is of a private nature or made in the course of business activity. For CIT purposes, the income from trading in cryptocurrencies will be classified as capital gains. These new rules would apply from 1 January 2019.
Technological advance and resultant socio-economic “revolutions” have always triggered significant developments in international economic law.