On the 9th March, XnTree held a roundtable event exploring regulatory approach for commercial and open- source activities related to distributed ledger technology. As part of the roundtable XnTree hosted key members of the South Korean National Assembly, who are the key members of the committee spearheading the regulatory framework. Invited to contribute to the discussion were Jim Fitzpatrick MP, Applied Blockchain, Cardano Foundation, UK Export & Finance and Department of International Trade
Following brief introductions and presentations, we kicked off the roundtable to discuss an agenda that many jurisdictions are still reluctant to make a bold move on: tax. The US recently moved to clarify in their 2018 tax law of when one should pay capital gains on digital assets. This was a big indicator for traders: crypto-to-crypto transactions are now taxable events. The UK has yet to make a formal statement regarding tax on digital assets and seems that they will continue to take a reactive stance. There were further discussions on the potential implications once the consensus mechanism shifted from Proof-of-Work to a Proof-of-stake, but of course, the table could only speculate.