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Crypto & Blockchain

Introduction

Moore is at the forefront of professional advisory in the rapidly growing, but underserved, cryptocurrency and blockchain sectors in Ireland. We provide specialist crypto tax consultancy, crypto tax compliance, and accounting services to individuals and businesses. This has allowed us to support numerous Irish and International clients transacting in cryptoassets or involved with blockchain projects with their Irish crypto tax position.

Our aim is to expertly support our clients as Ireland embraces the emergence of Web3 and a truly digital economy. To achieve this, we have built up a dedicated and highly specialised service offering.

Our Transition to Tax & Accounting Services for Crypto & Blockchain

We were early adopters of this space, supporting our first clients in 2017. This was prior to most accounting firms hearing of cryptocurrencies. It was also before the Irish Revenue Commissioners issued any crypto tax guidance. Our first two clients demonstrated many of the issues that are still relevant today.

  1. The first involved an international individual working in Ireland. He had realised large gains from his crypto token investments. He thought tax free gambling treatment might apply to this windfall. However, he wanted to ensure he remained compliant with the Irish tax system and completed any tax return required. We were able to advise him that Capital Gains Tax (“CGT”) would usually be the correct tax treatment in Ireland. However, given his background, we also advised him on the more tax efficient options open to him at that time.  

  2. The second was a business accepting various cryptocurrencies as payment for products, which was facing Revenue intervention. This case required extensive research into tax legislation and case law to come to the right conclusions. It gave an early first-hand insight into the Income Tax and VAT compliance considerations required for crypto native businesses in Ireland.

From these early cases, our dedication and subject matter expertise has grown considerably.
Whilst the Irish tax guidance remains sparse, the crypto and blockchain space has grown phenomenally. Crypto adoption has increased with both investors and financial institutions.

On the consumer side, service providers and apps like Coinbase, Revolut, eToro have allowed easy access to crypto markets. This has meant the number of people in Ireland with tax exposure from crypto has grown exponentially.

Commercially, there has been a notable rise in Altcoins (some with quite novel characteristics) some supporting pioneering fintech projects. Likewise, DeFi dApps, protocols, and Non Fungible Tokens (“NFTs”) have emerged.

These developments have meant the requirements of those now coming to us for consultancy and compliance has grown substantially.

Our Crypto Service Offering

Our practice now deals with crypto work in three main areas:

  • Personal Crypto Tax Consultancy for Individuals - This encompasses tax planning for: Irish residents leaving Ireland; International workers / individuals with crypto-assets coming to Ireland; Irish founders of domestic or international blockchain start-ups; cryptocurrency investors / day traders; and NFT creators.  

  • Personal Crypto Tax Compliance– This area supports crypto and NFT investors or traders with: their Irish CGT compliance obligations (tax returns) following transactions or taxable events; Irish Income Tax obligations in respect of passive income from staking / forks / airdrops; VAT and Income Tax compliance for individuals getting paid for consultancy (or other trade such as NFT sales) in crypto tokens; and correcting historic reporting errors to bring the taxpayer’s affairs up-to-date in a compliant manner.  

  • Specialist Tax and Accounting Services for Blockchain Start-ups and/or Crypto Native Businesses  – This encompasses all consultancy and compliance support for: individuals incorporating their trade into a corporate structure; crypto native businesses setting up and operating in Ireland; ICO and token raise support services; blockchain start-ups looking to headquarter or set up a subsidiary company in Ireland. 

International Focus

We are not just at the forefront of Irish treatments and understanding. We also keep actively engaged in international developments in this space.

William Fawcus, our Digital Assets Lead, engages on international thought leadership initiatives. These focus on the developments of taxation, accounting, financial infrastructure, and security requirements for cryptocurrencies, security tokens, and blockchain applications. He is one of very few Europeans that, since 2018, has been invited to participate in the Annual Blockchain Symposium. An event jointly hosted by the Wall Street Blockchain Alliance (“WSBA”) and the American Institute of Certified Public Accountants (“AICPA”).
We are also part of the Moore Global Network. This encompasses member firms with an expert understanding in offshore crypto fund services, and US auditing and advisory. We are therefore ideally placed to meet the demands of international clients and multinational organisations. 

How We Can Assist You

We are proud to have built up a leadership position in the Irish market for specialist tax advisory. As well as for accounting services for crypto and blockchain projects. Our original open-mindedness and can do attitude from 2017 still persists in the dedicated practice we have built up. We continue to work diligently and creatively from Dublin and Cork to support client in Ireland and abroad. We find workable solutions to tax and accounting issues so our clients can compliantly excel in their endeavours. To see how we can support you, please get in contact with our crypto and blockchain team by emailing: crypto@mooreireland.ie.