Blockchain, also known as Distributed Ledger Technology, is an emerging type of business improvement software.

Globalisation is one of the driving forces behind this digital technology, with consumers, businesses and governments expecting fast, reliable and secure ways of storing and transferring critically important data. While Bitcoin has captured the headlines, the blockchain technology that underlies Bitcoin has received much less attention but has the potential to have a more wide-ranging impact. From Banking and Financial Institutions, Education, Government and beyond, blockchain technology has endless applications for addressing the changing digital landscape.

Cryptocurrency is only one application of blockchain technology, the most widely known cryptocurrency being Bitcoin. There are now over 1,000 cryptocurrencies.

Hand in hand with the rise of cryptocurrencies is the advent of ‘initial coin offerings’ or ICOs and ‘security token offerings’ or STOs.

Understanding how blockchain, cryptocurrency, ICOs and STOs may change your environment, both professionally and on a personal level, is imperative to making the most of this technology and your businesses future in the emergent digital age.

Key contacts

John Bassilios

Financial services

Special Counsel
T: +61 3 9603 3580

Joni Pirovich

Joni Pirovich

Tax

Lawyer
T: +61 3 9603 3615

Hall & Wilcox Interview with Crypto News Australia

Blockchain centre – John and Karen

Introduction to Security Tokens – BlockheadsTV Ep22

Security Tokens – What You Need To Know

Financial services

  • Advising on and establishing, cryptocurrency funds
  • Reviewing and signing off on whitepapers and accompanying disclosure documents
  • Advice on operating digital currency exchanges, including the new Anti-Money Laundering and Counter Terrorism Financing registration requirements for operators of exchanges
  • Advice on whether a cryptocurrency or digital token is a financial product  (which requires compliance with licensing and disclosure requirements) or whether the token environment constitutes the operation of a non-cash payment facility
  • Advice on how to restructure an ICO so that it is not a managed investment scheme
  • Advice on the legal implications of conducting a security token offering (STO)

GST

  • Advising on the GST implications of trading cryptocurrency through online platforms
  • Reviewing business-to-business as well as business-to-consumer onshore and offshore transactions where consideration comprises of cryptocurrency
  • Advising operators of electronic distribution platforms (websites, mobile phone applications, gaming platforms and other marketplaces) of the GST implications and compliance obligations

Litigation and dispute resolution

  • Advising in relation to a dispute pertaining to a subscription in an ICO
  • Advising in relation to jurisdictional and enforcement issues pertaining to the rights of a cryptocurrency owner

Tax

Hall & Wilcox Cryptocurrency & Blockchain Tax team, led by Joni Pirovich, regularly advises on:

  • the Australian tax treatment of cryptocurrency dealings by individuals (Australian resident and foreign resident)
  • structuring opportunities for various cryptocurrency dealings
  • domestic and international exchanges and cryptocurrency investment funds
  • negotiating private binding rulings requests on behalf of taxpayers.

The team has most recently provided submissions to Treasury and the OECD, and participated in Treasury’s roundtables, regarding the regulation of ICOs and tokens, and taxation of the digital economy. In addition, the team has significant experience with tax disputes and controversy generally, with a close working relationship with the Hall & Wilcox Dispute Resolution team.

Each of the following are actively involved in current cryptocurrency and blockchain matters:
Anthony Bradica, Peter Murray, Michael Parker, Jim Koutsokostas, Joni Pirovich, Adam Dimac, Raoul D’Cruz, Todd Bromwich, Dan Miles and David Peng.

Harry New

Harry New

Financial services

Partner
T: +61 3 9603 3559

John Bassilios

Financial services

Special Counsel
T: +61 3 9603 3580

Anthony Bradica

Anthony Bradica

Tax

Partner
T: +61 3 9603 3523

Joni Pirovich

Joni Pirovich

Tax

Lawyer
T: +61 3 9603 3615

Mark Inston

Banking and finance

Partner
T: +61 3 9603 3597

This webpage is made available by Hall & Wilcox for educational purposes only as well as to give you general information and a general understanding of the law, but not to provide specific legal, tax, financial or investment advice. By using this webpage, you understand that there is no lawyer-client relationship between you and Hall & Wilcox. The webpage should not be used as a substitute for competent professional advice from a suitably qualified professional. Nothing on this webpage should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by Hall & Wilcox or any third party. You alone are solely responsible for determining whether any investment, asset or strategy or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult a suitably qualified professional regarding your specific legal, tax, financial or investment situation.