This work deals with the characteristics of accounting and tax issues of cryptocurrency operations - cryptocurrencies. The work characterizes the properties and principles of cryptocurrency. It also describes in detail the legal, accounting and tax issues of cryptocurrencies and cryptocurrency operations. It focuses on the specifics of accounting issues such as cryptocurrency reporting, valuation and accounting records, specifics of value added tax, taxation of income from cryptocurrency operations and more. Based on the findings, the work defines the issue of cryptocurrencies and cryptocurrency operations, including reporting, and defines recommendations mainly in accounting and tax areas. Based on this, model examples of cryptocurrency operations are created.

This master's thesis focuses on the subject Management of free capital inside the cryptocurrency market. First, selected cryptocurrencies are briefly described. Subsequently, their historical data are analysed. Finally, based on these findings, an appropriate strategy for the chosen company is formulated.

The aim of this diploma thesis is to study how nonhuman agents are introduced and employed as a replacement for social reproduction by analyzing the environment and types of exchange practiced in the countryside of post-socialist Russia. The farm where my fieldwork took place exhibits many types of exchange, among which cryptocurrencies, seen as a socio- material algorithm, are used for the redistribution of essential goods and/or favors in a method similar to those used in former socialist and post-socialist economies. Drawing from the anthropological discussion on gift-commodity logic in the area, I look at cryptocurrencies as a hybrid - they hold the qualities of a gift (authority, name) and could be used to speculate with on the crypto stock-exchange (commodity). Key words: alternative economies, post-socialism, cryptocurrencies, algorithms, sociomateriality

The rise of cryptocurrencies over the past ten years was significant. Cryptocurrencies have changed the course of the monetary system and created a new way for people to communicate and exchange values. It started with the invention of the first successful cryptocurrency, Bitcoin, in 2008. After this moment, the explosion from which thousands of new cryptocurrencies emerged and from which a new field for digital forensics investigators happened. This thesis deals with the digital forensics of cryptocurrency wallets. The work aims to target applications running on Linux operating systems, and to introduce concepts and existing work on cryptocurrency wallets. Furthermore, the goal was to develop a tool for finding different artifacts that wallets leave on the systems. This work is divided into two parts, first encompasses an introduction and the related literature. The second part discusses the chosen methodology for this work and the result we achieved. The work is concluded with the final words in the Conclusions section.

Modern technologies change economic relations in society and gradually transform the legislative framework. Blockchain-based cryptocurrencies are probably one of the most striking examples. Although they increase in value and are widely accepted as means of payment by major corporations, many EU member states are just starting to implement solutions to regulate their use, including in terms of taxation. At the same time, the EU fails to introduce a unified approach to the taxation of cryptocurrency transactions in its common economic area. Accordingly, the question arises as to whether the unified approach is justified, given the example of individual member states. The analysis of German, French, and Italian legislation showed that each state has a different approach to understanding the essence of cryptocurrencies. For example, Germany and France rely on the definition of “virtual currency” set forth in EU Directive 2015/849. However, while Germany uses the “cryptoassets” term, France uses the more general “digital assets” concept. In turn, Italy hasn’t enshrined yet any clear definition of cryptocurrencies in its legislation. This may lead to contradictions when considering international cases in the EU. Differences in understanding the essence of cryptocurrencies inevitably lead to differences in taxation approaches. On the one hand, Germany, France, and Italy recognise the validity of ECJ judgment in case C-264/14, exempting cryptocurrency transactions from VAT. On the other hand, while in Germany the profit from cryptocurrency trading is included in total personal income, thus, changing the progressive tax rate, this option is not possible for occasional transactions in France and is wholly excluded in Italy. Moreover, French law provides tax exemption for crypto-to-crypto exchange transactions. In Italy, this approach is accepted in practice, although not covered by the law. In turn, in Germany, taxes are levied on any transactions, which complicates the process of calculating the tax and creates uncertainty in specific issues, such as staking. Differences in the taxation of cryptocurrency transactions pose a question of the possibility of legal harmonisation, which is justified due to the underdevelopment of the principles of taxation of cryptocurrency transactions at the level of individual EU members. However, as a more correct solution, it is proposed to take measures to harmonise legislation based on directives, as this will allow avoiding an adverse impact on the fiscal sovereignty of the EU members.

Den här uppsatsen handlar om framväxten av kryptovalutor och blockkedjeteknik i den globala ekonomin. Kritik har riktats mot bankers och andra centraliserade intermediärers finansiella system, i form av ineffektiva processer, tillkommande avgifter och att användarnas integritet undermineras. I takt med kritiken har tillkomsten av kryptovalutor och blockkedjeteknik vuxit fram och det sker en snabb utveckling inom detta område. Intresset ökar i samhället där aktörer försöker adaptera den nya teknologin samtidigt som centraliserade organisationer vill förbli konkurrenskraftiga på marknaden. Tidigare har det varit en mer negativ inställning gentemot kryptovalutor men uppfattningen har börjat förändras.  Intentionen med studien är att undersöka framväxten av kryptovaluta och blockedjeteknologin. För att uppnå studiens syfte har vi kartlagt vilka aktörerna är och hur de förhåller sig till kryptovaluta. I denna studie har Actor-Network Theory (ANT) använts som teoretisk referensram och bidrar till resultatets uppbyggnad. Centralt inom teorin är att olika aktörer interagerar med varandra och tillsammans bygger ett nätverk som strävar efter att stabiliseras. Studiens empiri har samlats in genom en dokumentstudie.  Resultatet visar att nätverket kring kryptovalutor har blivit stabiliserat över tid men inte fullständigt institutionaliserat eller allmänt accepterat i samhället. Ledande aktörer utöver myndigheter och makthavare har hjälpt till att forma nätverket och bidragit till kryptovalutors utveckling. Däremot framgår det att aktörer som banker har andra incitament bakom användningen av teknologin där de ser fördelarna men väljer att inte i dagsläget adaptera teknologin fullständigt. / This thesis explains the emergence of cryptocurrencies and blockchain technology in the global economy. An increased criticism has been noticed against banks and other centralized organizations financial systems. The main critics evolve around its inefficient processes, the additional fees that intermediaries are demanding for their services, and that the users integrity tends to be undermined. Cryptocurrencies and blockchain technology has emerged as a counteractive answer to these criticisms, and there is a rapidly growing development in the area. Cryptocurrencies are given more attention in society which shows by the increase of private investors and organizations who are trying to take advantage of the new technology. Centralized organizations have been passive towards cryptocurrencies in the early stages to stay competitive in the market. There has been a general negative attitude towards cryptocurrencies in the past, but these perceptions are changing. The intention of this study is to investigate the emergence of cryptocurrency and blockchain technology. To achieve the purpose of the study, we have mapped who these contributors are and how they relate to the phenomena. In this study, actor-network theory (ANT) has been used as a theoretical framework and contributes to the structure of the results. Central to the theory is that different types of participants interact with each other and together build a network that strives to form a stable structure. This studys empirical data has been determined through a document study.  The results show that the network around cryptocurrencies has been stabilized over time but is not fully institutionalized. There is still progression to be made until it will become widely accepted in society. Leading actors in addition to authorities and those in power have in one hand helped shape the network and contributed to the development of cryptocurrencies. On the other hand, it appears that involved actors such as banks have other incentives for engaging in the technology, since they seem to have taken notice of the benefits of it but choose not to fully adapt the technology yet. This essay is written in Swedish.

This research study investigates the potential of cryptocurrencies in alleviating the consequences of the financial crisis and identifying new avenues for economic development in Eastern Macedonia and Thrace, Greece. It is motivated by the significant economic downturn experienced by Greece following the 2008 financial crisis, which led to a risk of bankruptcy and a drastic reduction in GDP per capita, with the consecutive implementation of capital controls further disrupting the financial transactions in the country. The region under study is documented for its low economic development level and GDP per capita compared to the national and EU averages. Through a mixed-methods approach, including a questionnaire-based survey and data analysis, this study explores the perceptions and behaviors of consumers and business owners in that region regarding cryptocurrencies. Furthermore, the survey employs closed-ended questions delivered through an internet-based platform while using probability and non-probability sampling techniques to target consumers and business owners. Consequently, the collected data are examined through the scopes of descriptive and deductive analyses with the use of SPSS software, with the findings of this research aiming to shed light on the role of cryptocurrencies as a means to mitigate the impact of the financial crisis and stimulate economic activity in Eastern Macedonia and Thrace. The findings revealed that while participants did not believe that introducing a parallel digital currency would improve the Greek economy, consumers affected by the crisis showed eagerness to invest and transact in cryptocurrencies. Business owners, on the other hand, were hesitant to view cryptocurrencies as long-term assets and did not believe in their capacity to transform the region’s economy. The study's outcomes contribute to the growing body of knowledge on cryptocurrencies' adoption and potential benefits in regions facing economic challenges.

Yes / • This article discusses the current situation in the market of cryptocurrencies and joins the debate about the regulation of these financial innovations. • It argues that the appearance of cryptocurrencies was a response to market demand for more affordable and more inclusive banking. • It also argues that distributed ledger technology (DLT) which supports cryptocurrencies and has different characteristics than the technology used by traditional banking could help to create with cryptocurrencies a new, lower cost, more inclusive financial ecosystem separate from the traditional one. • The two ecosystems (traditional and new one) would form a larger two-tier financial ecosystem, which, overall would be more inclusive and more affordable. Also, it would be more effective in containing contagion and major economic disruption during future financial crises. • The current reliance on a single, ever growing, and immensely complex financial ecosystem is not sustainable longer term as systemic risks grow with the system and there are no mechanisms available to fully eliminate these risks. The costs of regulating the current market architecture are also excessively high.

Submitted by Nicole Fobe (lacri.nickita@gmail.com) on 2016-03-22T13:39:30Z No. of bitstreams: 1 2016.03.22_Dissertação_Nicole_Fobe.pdf: 1346204 bytes, checksum: 62e5cec68acbfa36353cb141c085ddef (MD5) / Rejected by Letícia Monteiro de Souza (leticia.dsouza@fgv.br), reason: Prezada Nicole, Conforme conversamos, seu trabalho foge das normas ABNT pelo seguinte motivo: 1- Epigrafe. Favor alterar o trabalho. Estou a disposição para eventuais dúvidas, Letícia Monteiro 37993631 on 2016-03-22T13:56:29Z (GMT) / Submitted by Nicole Fobe (lacri.nickita@gmail.com) on 2016-03-22T14:15:39Z No. of bitstreams: 1 2016.03.22_Dissertação_Nicole_Fobe_Versão Protocolo.pdf: 1344763 bytes, checksum: 631d7b9d59a53c472d63efb47678463c (MD5) / Approved for entry into archive by Letícia Monteiro de Souza (leticia.dsouza@fgv.br) on 2016-03-22T15:43:22Z (GMT) No. of bitstreams: 1 2016.03.22_Dissertação_Nicole_Fobe_Versão Protocolo.pdf: 1344763 bytes, checksum: 631d7b9d59a53c472d63efb47678463c (MD5) / Made available in DSpace on 2016-03-22T16:00:46Z (GMT). No. of bitstreams: 1 2016.03.22_Dissertação_Nicole_Fobe_Versão Protocolo.pdf: 1344763 bytes, checksum: 631d7b9d59a53c472d63efb47678463c (MD5) Previous issue date: 2016-03-11 / The existence of monetary instruments complementary to those so-called 'official' ones is not a recent phenomenon. Throughout history, many have been the forms and occasions in which complementary currencies were put in circulation. Recently, however, these instruments merged with technology, reaching almost unlimited potential and bringing to light consequences which we do not yet know how to estimate. This dissertation’s objective is to analyze a specific case of highly technological complementary currency: the Bitcoin. This should constitute a clearer approach directed to jurists, since most of the vocabulary envolving cryptocurrencies envolves IT and economical concepts. The study proposes a reflexion as to what does it mean to regard the Bitcoin as a complementary currency – even though the discussion as to whether it is or not a currency at all constitutes only one of the possible approaches. I also explore which are the regulatory options adopted by different jurisdictions that have been forced to take a position regarding virtual currencies in general and Bitcoin in particular. As I will present, the terminology chosen by countries while regulating the Bitcoin results in its inclusion under different law categories and, as a direct consequence, the juridical implications vary according to the terminology first embraced. The main treatment given to Bitcoin translates in taxation, in which we can clearly notice the concern from each State to juridically classify the instrument according to the specific regulation one wants to invoke. From the survey carried out here, 62 jurisdictions have already taken a position towards the Bitcoin. With more and more attention from international regulatory agencies – such as the European Central Bank and the International Monetary Fund – the Bitcoin increases its potential and its limitations, especially regarding the challenges faced by an efficient regulation. The conclusion of this dissertation reinforces the notion that the juridical treatment given to new phenomena is not homogeneous, that is, Law does not have one right way to deal with situations found in the world of facts. Also, regarding the Bitcoin as a parallel currency may help regulators to better understand and regulate this cryptocurrency. / A existência de instrumentos monetários paralelos àqueles 'oficiais' não é um fenômeno recente: ao longo da história, diversas foram as formas e ocasiões em que circularam moedas paralelas. No entanto, nos últimos anos, esses instrumentos fundiram-se com a tecnologia, atingindo um alcance praticamente ilimitado, trazendo consequências que ainda não se sabe como estimar. Este trabalho tem por objetivo estudar um caso específico de moeda paralela de alta complexidade tecnológica, o Bitcoin, e descrever quais têm sido os posicionamentos adotados por uma série de jurisdições a esse respeito. Trata-se de uma aproximação mais palatável da linguagem da Tecnologia da Informação e da Economia aos operadores do Direito. O estudo estende-se na direção de propor uma reflexão acerca do significado de se reconhecer no Bitcoin uma moeda paralela – muito embora a discussão acerca de ser ou não moeda constituir apenas uma das discussões possíveis. Explora-se quais têm sido as opções de regulação adotadas pelos Estados que se vêem obrigados a assumir uma posição em relação às moedas virtuais, em geral, e ao Bitcoin, em particular. Percebe-se que a terminologia escolhida pelas jurisdições no tratamento do Bitcoin resulta na sua inclusão em diferentes categorias do Direito e, como consequência direta disso, as implicações jurídicas variam de acordo com a terminologia adotada. O principal tratamento dispensado ao Bitcoin é aquele via tributação, notando-se a preocupação de cada Estado em classificar juridicamente o Bitcoin de acordo com a regulação específica que se pretende invocar a incidência. De acordo com o levantamento realizado, 62 jurisdições já assumiram um posicionamento em relação ao Bitcoin. Com cada vez mais atenção dispensada por órgãos regulatórios internacionais – como é o caso do Banco Central Europeu e do Fundo Monetário Internacional – o Bitcoin reforça seu potencial e suas limitações, principalmente no tocante aos desafios enfrentados à uma regulação eficaz. A conclusão deste trabalho procura reforçar que o tratamento jurídico dispensado a fenômenos novos não é uniforme, e que, uma vez encarado pelo viés da teoria econômica que reconhece a existência das moedas paralelas, o Bitcoin pode ser mais facilmente apreendido em um aparato regulatório.

[pt] Este estudo visa verificar se a utilização de ferramentas tradicionais de precificação de derivativos para a realização da análise do mercado de criptoativos geram resultados coerentes com valores praticados pelo mercado. Após o advento dos criptoativos, diversas exchanges iniciaram negociações de derivativos, e com isso surgiu um novo desafio para precificação, tendo em vista se tratar de um ativo objeto novo, com grande potencial de valorização e incertezas. Foi realizada pesquisa qualitativa através do método de levantamento de corte transversal. Foram analisadas séries de preços à vista e futuros de bitcoin, além de histórico de negócios realizados com opções de bitcoin no recorte temporal entre 14 de novembro de 2016 e 20 de abril de 2020. Testes estatísticos validaram a o comportamento da série de preços de bitcoin como similar ao Movimento Geométrico Browniano. A premissa de lognormalidade dos retornos da série de preços de bitcoin para utilização das fórmulas de Black-Scholes-Merton foi relaxada. Os resultados comparativos da precificação teórica de contratos futuros de bitcoin com preços futuros praticados pelo mercado mostraram que houve cobrança de prêmios, indo ao encontro das teorias backwardation normal, contango, e hipótese da proteção líquida. Os resultados comparativos entre a utilização de volatilidades históricas e implícitas para precificação de opções através das fórmulas de Black-Scholes-Merton mostraram que, apesar de choques terem impactado o poder de previsão das volatilidades históricas, pode-se identificar características de reversão à média nos gráficos de volatilidades implícitas. Para opções com vencimentos longos, as volatilidades históricas aparentaram possuir certa validade como preditoras. / [en] The objective of the study is to verify whether the use of traditional derivative pricing tools for the analysis of the crypto market generates coherent results with values practiced by the market. After the advent of cryptoassets, several exchanges started derivatives trading, and a new pricing challenge arose, considering that it is a new object asset, with great potential for appreciation and uncertainty. Qualitative research was carried out applying the cross-sectional survey method. Time series of bitcoin spot and futures prices were analyzed, as well as history of trades carried out with bitcoin call options in the time frame between November 14, 2016 and April 20, 2020. Statistical tests validated the behavior of the bitcoin price series as like the Brownian Geometric Movement. The log-normality premise of the returns from bitcoin price series for using the Black-Scholes-Merton formulas has been relaxed. The comparative results of the theoretical pricing of the bitcoin futures contract with the futures prices practiced by the market showed that premiums were charged, meeting the normal backwardation theory, contango theory, and net protection hypothesis. The comparative results between the use of historical and implicit volatilities for pricing options using the Black-Scholes-Merton formulas showed that, despite shocks having impacted the predictive power of historical volatilities, it was possible to identify mean-reversion characteristics in the implied volatility graphs. For options with longer maturities, historical volatilities appeared to have some type of validity as predictors.