A legal system for cryptocurrency turnover for sole traders was developed in Ukraine
Ukrainian finteh-company Attic Lab in cooperation with legal firm Juscutum developed the tax and legal systems allowing to introduce cryptocurrency to the business according to the law.
Sergei Vasilchuk, general director of Attic Lab, came up with the idea of creating such systems, when he forgot his wallet at home and could not pay at the cafe. The owner accepted cryptocurrency at the time.
"Then I realized that we need to develop a legal system for transferring cryptocurrency to the wallet of a sole trader," said Sergei.
Juscutum company developed such a model including clear tax liabilities. Firm representatives noted that it would be most useful for traders who pay self-employment tax.
Essentially, client receives meals free, on the condition that he transfers cryptocurrency to the trader’s e-wallet.
You can work within so-called Development of the turnover of the cryptocurrency program.
At the same time, the owner of the cafe concludes an agreement of industrial catering with his cafe and pledges himself to pay for the dishes of such customers in hryvnia by bank transfer.
Juscutum team also suggested to consider cryptocurrency as an invisible asset in accounting reports.
Source – Forklog magazine
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