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M2076 - DLT Assets, VFA Regulation & Legal Implications for VFA services (Online)

  • 22 Oct 2020
  • 13:30 - 16:45
  • Online Webinar

Registration


Register
Registration Time: 13.15
Sessions Time: 13.30 - 16.45 including a 15-minute coffee break
Speaker:Dr Wayne Pisani
Venue: Online Webinar
Depending on the COVID-19 situation, CPE might be held face to face.
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

SYNOPSIS

The session will provide a broad overview of the tax and regulatory aspects in the application of distributed ledger technology (DLT) to the financial world.

Background Information

Malta embarked on a path to be a pioneer in providing regulatory clarity in the application of distributed ledger technologies (DLT) such as blockchain, the technology behind cryptocurrencies of the likes of bitcoin and ether. To this end, the Commissioner for Revenue issued guidelines on taxation in relation to DLT assets, complementing the regulatory certainty introduced by the Virtual Financial Assets Act.
The session is intended to introduce the audience to the types of DLT assets by reference to the better-known world of crowdfunding and ancillary regulatory aspects.
This will be followed by an overview of matters relating to taxation of virtual financial assets in light of European Union direct and indirect tax principles, taking into consideration the approach taken by the Maltese Commissioner for Revenue in its guidelines intended to clarify the taxation of DLT Assets under the Income Tax Act, the VAT Act and the Duty and Documents and Transfers Act, and initiatives adopted by other jurisdictions seeking to clarify the tax implications of particular type of DLT assets, as well as possible ways of addressing the volatility in calculating the tax base for reporting purposes.

Topics on the Agenda

  • Regulating the token economy
  • The peculiarity of the tokens - the constitutive parts
  • Categorisation of digital currencies for regulatory purposes
  • Tokenisation: an analytical comparison of crowdfunding initiatives to virtual tokens issued in fundraising transactions (initial coin offerings [ICOs] or token generation events [TGEs])
  • The VFA regulatory framework
  • Taxation of virtual financial assets - direct tax, indirect tax and transfers duty
o Payment tokens and coins
o Utility tokens
o Security tokens
o Hybrid tokens
  • Volatility in calculating the tax base reference rate for virtual financial assets

    Target audience

    The seminar is aimed at practitioners and other service providers seeking to understand the regulatory framework and tax fundamentals within the context of distributed ledger technology, including virtual financial assets and other DLT assets, in the context of their work and business unit, learning more about the application of established tax principles to this growing industry, including (but not limited to) entrepreneurs, consultants, senior and middle management individuals who are involved in business consultancy and advisory services, and at others who are interested in keeping themselves up to date with the latest developments.

    Speaker’s profile

    Dr Wayne Pisani heads the regulatory and compliance function within Grant Thornton and leads the financial services tax and regulatory team where he deals with a wide range of asset protection and cross-border regulatory and tax planning engagements for clients ranging from private clients, including family offices and high-net-worth individuals, to NASDAQ listed companies in various industry sectors. He conducts an active consulting practice on the legal and tax implications involved in the structuring of both local and international financial institutions, M&A and project finance transactions.
    Wayne is the president of the Malta Institute of Financial Services Practitioners and a governor of FinanceMalta. He is also a member of the International Fiscal Association, the International Bar Association and the Maltese Chamber of Advocates.
    He was admitted to the Bar in 2001 following a Bachelor of Arts degree in Law and International Relations, and a Doctorate in legal studies from the University of Malta in 2001 after researching and submitting a thesis on "Merger control: a comparative study of regulatory systems for potential implementation into the Maltese legal system." Wayne also read for a Master of Arts degree in Financial Services at the University of Malta, graduating in 2003 after submission of a thesis entitled "The Impact of Information Technology on Financial Services". In 2018, having successfully submitted a research project on "Tax arbitrage in ICOs: a European perspective", he was awarded an Advanced Diploma in International Taxation by the Chartered Institute of Taxation.
    He is an active thought leader in the financial technology space, making regular contributions at fintech conferences, and has a passion for the security and technological aspects of distributed ledger technology. He is also a joint contributing author to "European Competition Laws: A Guide to the EC and its Member States, the leading legal compendium with respect to Competition law in Europe", published by Lexis Nexis and revised annually.

    EVENT CPE COMPETENCES

    3 Hours Core

    WEBINAR TERMS AND CONDITIONS

    Terms and conditions apply

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