Cryptocurrency Taxation and Criminal Law Treatment Considerations: A Student’s Perspective
In 2017, the soaring value of Bitcoin and creation of numerous other cryptocurrencies put pressure on the Canada Revenue Agency ("CRA") to clarify taxation treatment of cryptocurrencies. However, this increase in value has increased the attractiveness of cryptocurrencies in use of criminal activities.
This article seeks to identify areas of law that may be clarified with respect to cryptocurrencies by exploring the nature of cryptocurrencies, identifying barriers to effective identification of cryptocurrency owners and current taxation treatment of cryptocurrency, and discuss the applicability of specific Criminal Code provisions to cryptocurrencies and how cryptocurrencies may be used as evidence in trials and criminal investigations.
