Cryptocurrency Taxation: Regulatory Challenges and Legal Frameworks (Published)
The growing acceptance of cryptocurrencies has reshaped the world’s financial landscape into a wider avenue for economic innovation and financial inclusion. However, this growth raises several serious regulatory challenges, especially on the road to taxation. This paper explores the complex intersection of cryptocurrency and taxation with a specific focus on Nigeria. It explores the challenges that governments face in levying duties on digital assets arising from the lack of uniform tax frameworks, challenges in tracing pseudonymous transactions, and valuation issues due to market volatility. The paper reviews current legal frameworks in key jurisdictions, including the United States, the European Union, and Nigeria, showing different ways of classification and approaches in taxation. These include the adoption of blockchain analysis tools, smart contracts to automate tax compliance, and international cooperation in standardizing tax rules across borders. The paper concludes by emphasizing the need for clear regulatory regimes that are enforceable, while making a balance between innovation and fiscal responsibility. It calls for proactive measures and technological integration as a way of ensuring efficiency in taxation and compliance, especially in developing economies like Nigeria.
Keywords: Blockchain, Cryptocurrency taxation, decentralized finance., regulatory challenges, smart contracts
Viewing Smart Contracts Through GDPR Lenses (Published)
The term ‘smart contracts’ is superficially misleading. It does not connote ‘contracts’ as we know them, rather it is a technical coinage which represents computer codes automated to execute and consummate agreements to the exclusion of third parties. This article examines the various definitions of smart contracts and its interplay with data protection as required under the EU General Data Protection Regulation (GDPR).
Citation: Olumide Babalola (2022) Viewing Smart Contracts Through GDPR Lenses, Global Journal of Politics and Law Research, Vol.10, No.4, pp.71-79
Keywords: Blockchain, Data protection, GDPR, Privacy, smart contracts